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Joe Biden has allegedly given the Teamsters Union a bailout within the type of $36 billion tax {dollars} for his or her poorly managed pensions.
One of many points dealing with the USA within the close to future is unfunded liabilities. In different phrases, cash that was promised to folks with no actual cash to again up the promise.
When you assume that is dangerous, wait till the invoice comes due for public worker unions in cities like Chicago and Detroit. They owe billions upon billions in pensions. Guess who’s going to pay for that.
The Federalist reviews:
Biden Shoveled $36 Billion In Taxpayer Funds To Bail Out Teamsters For Mismanaged Pensions
Can People be bribed with their very own cash? The powers that be are definitely placing that query to the check. In recent times, we’ve seen inflation-inducing money giveaways related to “Covid reduction.” We’ve seen the continuing makes an attempt at profoundly inequitable pupil mortgage forgiveness. In December, we noticed a $1.7 trillion pork pie omnibus appropriations invoice handed by a Congress that had no time to learn it.
Misplaced in all of this has been one spectacular giveaway: $100,000 per beneficiary of the Central States Pension Fund (CSPF). The fund supplies pension advantages to just about 360,000 private-sector employees and retirees, principally Teamsters Union members. U.S. Rep. Kevin Brady, R-Texas, referred to as the deal out in December, noting it was “the most important personal pension bailout in American historical past” that benefited solely “a tiny minority of employees.” He advised it resulted from the madness of “permitting those that mismanaged pensions to find out whether or not their funds qualify for taxpayer help with no safeguards.”
The $36 billion comes virtually 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 legislation within the spring of 2021, when the financial system was already nicely into restoration. The housing market was booming. The inventory market was on a gentle upward climb. It was apparent that the “rescue” would trigger inflation. It was apparent Democrats had been making the most of a possibility to present away public largesse. And did they ever.
Lest we doubt the continuing affect of the Teamsters in American politics, the current $36 billion giveaway says all of it. It says to the union bosses, who make up half of the CSPF board: “You possibly can watch the pension fund’s well being decline for many years. You may make unrealistic guarantees to workers. You possibly can hold the plan under 75 p.c funded. You possibly can rely upon a pyramid idea the place imaginary new members hold coming in to pay for retired members. None of that issues now.
Bizarre how there’s been virtually no media protection of this, isn’t it?
Biden runs our authorities like a mobsterhttps://t.co/zD8F0PMcGF
— Mark R. Levin (@marklevinshow) February 23, 2023
This story is INSANE: Biden Shoveled $36 Billion In Taxpayer Funds To Bail Out Teamsters For Mismanaged Pensions https://t.co/yk4HIxfJ4D
— Mollie (@MZHemingway) February 23, 2023
‘The biggest personal pension bailout in American historical past’
Biden Shoveled $36 Billion In Taxpayer Funds To Bail Out Teamsters For Mismanaged Pensions https://t.co/zqON2bcyNM
— Tom Jordan (@TomJordanNews) February 23, 2023
Once more, this may occasionally appear to be some huge cash however it’s tiny in comparison with the reckoning that’s coming with public worker unions.
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