Taxpayers on hook for Biden's bailout of union pensions $90 billion

[livingston]

(The Center Square) – President Joe Biden on Wednesday touted a federal program to delay insolvency for private unions’ pension funds, but critics say taxpayer dollars should not be used to “bail out” pensions negotiated by unions.

Biden spoke in Cleveland, Ohio, about the American Rescue Plan’s Special Financial Assistance program, which will protect more than 10 million Americans in multi-employer plans from seeing their benefits slashed when their plan becomes insolvent, which many are projected to do in the next few years.

Biden called the plan "historic."


“This was $90 billion, O.K.?” Biden said in his remarks. "But it is small in comparison to the bailouts of businesses and major corporations and banks..."

Critics: Taxpayers on hook for Biden's bailout of union pensions

(The Center Square) – President Joe Biden on Wednesday touted a federal program to delay insolvency for private unions’ pension funds, but critics say taxpayer dollars should not be used

www.thecentersquare.com

 

[togmaster]

This dipshit is out of control.

 

[Steal2B]

Without a bailout, how can they contribute to political campaigns, money launder, bribe, or pay their 10% vig to the big guy

 

[Steal2B]

So why is there Pension Benefit Guaranty Corporation and why should these unions get a better deal than every other pension fund?

 

[tirwin1]

Let these fuckers go bankrupt. There needs to be accountability for their past decisions.

 

[SomeSoldier]

Not to much more of this and it won't matter. Dollar will be used for toilet paper.

 

[BerettaGuy]

If my 401K has gone down, and Your 401 K has gone down.
Why do the Union Officials still get to drive around in Cadillacs and Lincolns?
Oh I forgot, they wrote it into the law.
Government Unions. Where the negotiators accept campaign contributions from the Union who then get mo money and then increase the contributions to the negotiators. But Hey, its all about love.

 

[Carlos Hathcock]

Vote Union Yes.

 

[S&W Fan]

Just more proof that the socialist puppet masters are gaining more ground.

 

[Apeman]

No different than canceling student debt which is also horseshit.

I agree - let them fail. It's not our responsibility to pay for their bad decisions. I don't see them reimbursing the average person for 401K losses or taking over my truck payment because I can't or won't pay it.

 

[spat]

If my 401K has gone down, and Your 401 K has gone down.
Why do the Union Officials still get to drive around in Cadillacs and Lincolns?
Oh I forgot, they wrote it into the law.
Government Unions. Where the negotiators accept campaign contributions from the Union who then get mo money and then increase the contributions to the negotiators. But Hey, its all about love.

If the government officials have immunity to lawsuits, then their employees shouldn't have unions either.


If the job starts sucking too much go into the private sector.

 

[Steal2B]

No different than canceling student debt which is also horseshit.

I agree - let them fail. It's not our responsibility to pay for their bad decisions. I don't see them reimbursing the average person for 401K losses or taking over my truck payment because I can't or won't pay it.

Hell, it will not fail, most pensions don't fail, the PBGC will bail it out

These unions should not get a special carve out and should be exposed to the same sliding scale reductions, however, that other under funded pension members have to endure

PBGC Issues Final Rule on Special Financial Assistance | Pension Benefit Guaranty Corporation

WASHINGTON, D.C. — The Pension Benefit Guaranty Corporation (PBGC) today announced a final rule implementing changes to the Special Financial Assistance (SFA) Program for financially troubled multiemployer pension plans. The changes are responsive to public comments received on PBGC’s interim...

www.pbgc.gov

 

[Acer-m14]

well that jo biden vid last long lol

2021 .. i think .. but but we wee .. we may get lockedup lol

Facebook

www.facebook.com

 

[Saltwater60]

It’s only 90 billion we can just print more.

 

[TEOTWAWKI inc.]

(The Center Square) – President Joe Biden on Wednesday touted a federal program to delay insolvency for private unions’ pension funds, but critics say taxpayer dollars should not be used to “bail out” pensions negotiated by unions.

Biden spoke in Cleveland, Ohio, about the American Rescue Plan’s Special Financial Assistance program, which will protect more than 10 million Americans in multi-employer plans from seeing their benefits slashed when their plan becomes insolvent, which many are projected to do in the next few years.

Biden called the plan "historic."


“This was $90 billion, O.K.?” Biden said in his remarks. "But it is small in comparison to the bailouts of businesses and major corporations and banks..."

Critics: Taxpayers on hook for Biden's bailout of union pensions

(The Center Square) – President Joe Biden on Wednesday touted a federal program to delay insolvency for private unions’ pension funds, but critics say taxpayer dollars should not be used

www.thecentersquare.com

Thank you for posting this.

I saw a headline about it yesterday, assumed it was going to cost me a bunch more money for a benefit I don't receive, and started trying to figure out what it was. Found the PBGC website, but didn't really understand everything I was reading other than the pension insurance program, generally.

Same thoughts as above - My 401K and other accounts are way down, and I'm not getting a bailout. Unions shouldn't either. Nobody should, ever.

EVERY SINGLE NON-UNION AMERICAN TAXPAYER THAT HAS WATCHED THEIR WEALTH GET DESTROYED BY THE FAILURES OF THIS ADMINISTRATION SHOULD BE FUCKING LIVID RIGHT NOW. This is such a slap in the face. Union workers should have no greater rights, protections, or privileges, than every other taxpayer!

The taxpayer is the backbone of this country, not the union worker, and it is time for us to go on strike.

(I just woke up from a dream that I came home to find my property destroyed by the building inspector. Now I want to be the founding member of the 'Heemeyer Non-union American Taxpayer Union'. We need to starve the government)

 

[Acer-m14]

Thank you for posting this.

I saw a headline about it yesterday, assumed it was going to cost me a bunch more money for a benefit I don't receive, and started trying to figure out what it was. Found the PBGC website, but didn't really understand everything I was reading other than the pension insurance program, generally.

Same thoughts as above - My 401K and other accounts are way down, and I'm not getting a bailout. Unions shouldn't either. Nobody should, ever.

EVERY SINGLE NON-UNION AMERICAN TAXPAYER THAT HAS WATCHED THEIR WEALTH GET DESTROYED BY THE FAILURES OF THIS ADMINISTRATION SHOULD BE FUCKING LIVID RIGHT NOW. This is such a slap in the face. Union workers should have no greater rights, protections, or privileges, than every other taxpayer!

The taxpayer is the backbone of this country, not the union worker, and it is time for us to go on strike.

(I just woke up from a dream that I came home to find my property destroyed by the building inspector. Now I want to be the founding member of the 'Heemeyer Non-union American Taxpayer Union'. We need to starve the government)

so your saying ..

 

[Acer-m14]