Posted on 12/08/2022 7:55:26 AM PST by chuckee
President Joe Biden on Thursday is announcing the infusion of nearly $36 billion to shore up a financially troubled union pension plan, preventing severe cuts to the retirement incomes of more than 350,000 Teamster workers and retirees across the United States.
The money for the Central States Pension Fund is the largest amount of federal aid provided for a pension plan, the Biden administration said, and comes from the American Rescue Plan, a $1.9 trillion coronavirus relief package that he signed into law in 2021.
Many union retirement plans have been under financial pressure because of underfunding and other issues. Without the federal assistance, Teamster members could have seen their benefits reduced by an average of 60% starting within a couple of years.
“Union workers and their families are finally able to breathe a huge sigh of relief, knowing that their hard-earned retirement savings have been rescued from steep cuts,” said Lisa Gomez, assistant labor secretary for employee benefits security.
Multiemployer pension funds are created by agreements between unions and companies and are partially insured by the federal government’s Pension Benefit Guaranty Corporation. The insurance program was on track to become insolvent in 2026, but the pandemic relief money is expected to keep it on firm footing through 2051.
Biden traveled to Ohio in July to highlight the final rules for the pension relief program. Before Thursday, the program had awarded aid to 36 troubled pension plans, but none of those had received more than about $1.2 billion.
The amount going to the Central States Pension Fund represents somewhere between one-third and one-half of the total estimated cost of the federal aid program.
The retirement plan has participants in almost every state, with the largest concentration in the Midwest. There are about 40,000 participants in both Michigan and Ohio, nearly 28,000 in Missouri, 25,000 in Illinois and about 22,000 each in Texas and Wisconsin, according to figures provided by the White House.
Why are the Teamsters still even allowed to operate? They have always been a criminal enterprise - with deep connections to the criminal underworld - and with a history of violence and literal terrorism.
$36 BILLION divided by 40,000 ‘workers’ == $900,000 PER PERSON
That horse has been out of the barn for a long time...
JOE ran on the premise that EVERY SINGLE JOB in the USA should be a UNION job.
why cant he bail out my retirement plan? Or start me one? Republicans should turn this around in an ad for black americans, saying biden paid out 36B for teamsters but didnt give you squat!
Actually, it is more than 36 billion. It is 86 billion that the Covid Relief slushfund gave Biden exclusively to bail out union pensions through the Pension Benefit Corp. This is just the first tranche. More to come
https://www.cnbc.com/2021/03/08/covid-relief-bill-gives-86-billion-bailout-to-failing-union-pension-plans.html
Those multi-trillion-dollar spending bills: The steals that keep on stealing.
I call them Keystone Keynesians.
“Keystone” as in Keystone Cops.
Keynes postulated reducing spending in good time and pump priming in bad.
His utter failure was to not recognize that all anyone would learn from him was a ready made excuse to spend more is enough to repudiate his ideas.
They spend more in bad times and see good times as an opportunity to spend more. Lather, rinse, repeat. They were, I would suggest, already transitioning when Nixon infamously said we are all Keynesians now.
And like many a madness it is progressive, for by now they are just spending to get their jollies, economic masturbation if you will. Mere pump priming is so yesterday. They piss off billions, trillions even, just so they can pat themselves on the back over how their morality is demonstrated by their largess. Spending as virtue signaling among those with no virtue, who are increasingly depraved.
Well, they gotta pay the one secretary and parking fees. /sarcasm
Now they even have a theory to give it an air of academic respectability - Modern Monetary Theiry!
Theory = Theory
Sure wish you could go back and edit!
“What did academics pull out of their asses to justify deficit spending, Alex.”
“Correct!”
Let the one without typos cast the first post, I sometimes say.
We are officially a s#ithole country.
Funny thing about those pension plans is that 99% of them are run by Dimocrats and they use those funds behind their people’s backs to fund their shenanigans until time to pay the pensioners. Then suddenly the pensioners find out that their pension plans are gone. Stinking Dimocrats. These people should learn that these Dims screw them in the ground, and they still vote for the criminal cartell called the Dimocratic Peoples Party of the One World Government.
I'm not following you. Which managers, the union plant managers or the investment fund managers? You would think that if the investment funds were bailed out, the fund managers would be off the hook (except for being fired for lack of competence or worse).
Less 10%. Biden is the 10% president.
Does post #59 help explain this?
The Big Guy.
Substitute “politicians” for “pension execs”.
Our children and grandchildren will feel the same anger towards us because of “entitlements” as you and I feel about this illegal boondoggle.
Government should NEVER be in the business of bailing out any private entity. Period.
The 2008 “too big to fail bailouts” taught us nothing and our government was hopelessly entangled in that from start to finish.
PS - if you think this number is bad wait until the democrats bail out the blue state pension systems. That day is coming sooner than you think.
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