Joe Biden has allegedly given the Teamsters Union a bailout in the form of $36 billion tax dollars for their poorly managed pensions.
One of the issues facing the United States in the near future is unfunded liabilities. In other words, money that was promised to people with no real money to back up the promise.
If you think this is bad, wait until the bill comes due for public employee unions in cities like Chicago and Detroit. They owe billions upon billions in pensions. Guess who is going to pay for that.
The Federalist reports:
Biden Shoveled $36 Billion In Taxpayer Funds To Bail Out Teamsters For Mismanaged Pensions
Can Americans be bribed with their own money? The powers that be are certainly putting that question to the test. In recent years, we’ve seen inflation-inducing cash giveaways associated with “Covid relief.” We’ve seen the ongoing attempts at profoundly inequitable student loan forgiveness. In December, we saw a $1.7 trillion pork pie omnibus appropriations bill passed by a Congress that had no time to read it.
Lost in all of this has been one spectacular giveaway: $100,000 per beneficiary of the Central States Pension Fund (CSPF). The fund provides pension benefits to nearly 360,000 private-sector workers and retirees, mostly Teamsters Union members. U.S. Rep. Kevin Brady, R-Texas, called the deal out in December, noting it was “the largest private pension bailout in American history” that benefited only “a tiny minority of workers.” He suggested it resulted from the insanity of “allowing those who mismanaged pensions to determine whether their funds qualify for taxpayer assistance with no safeguards.”
The $36 billion comes almost two years after the passage of the $1.9 trillion American Rescue Plan. That “rescue” was the Biden administration’s Covid spending bonanza. Biden signed it into law in the spring of 2021, when the economy was already well into recovery. The housing market was booming. The stock market was on a steady upward climb. It was obvious that the “rescue” would cause inflation. It was obvious Democrats were taking advantage of an opportunity to give away public largesse. And did they ever.
Lest we doubt the ongoing influence of the Teamsters in American politics, the recent $36 billion giveaway says it all. It says to the union bosses, who make up half of the CSPF board: “You can watch the pension fund’s health decline for decades. You can make unrealistic promises to employees. You can keep the plan below 75 percent funded. You can depend on a pyramid concept where imaginary new members keep coming in to pay for retired members. None of that matters now.
Weird how there’s been almost no media coverage of this, isn’t it?
Again, this may seem like a lot of money but it’s tiny compared to the reckoning that is coming with public employee unions.
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