Biden Shoveled $36 Billion In Taxpayer Funds To Bail Out Teamsters For Mismanaged Pensions

Can Americans be bribed to give their money? This question is being posed by the powers that be. We’ve seen cash giveaways that infuse inflation over the years. “Covid relief.” We’ve witnessed the continuing attempts to forgo student loans due to inequity. We witnessed the December report. a $1.7 trillion pork pie omnibus appropriations bill It was passed by a Congress who had no time to review it.

One amazing giveaway was overlooked in all this: $100,000 per beneficiary to the Central States Pension Fund. The fund offers pension benefits to almost all. 360,000 Retirees and workers in the private sector, most notably members of Teamsters Union. U.S. Rep. Kevin Brady R-Texas Call the deal out Noting that it was in December “the largest private pension bailout in American history” They were the ones who benefited. “a tiny minority of workers.” He said it was due to the insaneness of “allowing those who mismanaged pensions to determine whether their funds qualify for taxpayer assistance with no safeguards.”

The $36 billion This comes nearly two years after passage of the $1.9 Trillion American Rescue Plan. This was almost two years after the passage of the $1.9 trillion American Rescue Plan. “rescue” was the Biden administration’s Covid spending bonanza. Biden signed the law into law in spring 2021 when the economy was well into recovery. The housing market was in a boom. The stock market was experiencing steady growth. It was evident that the stock market was on a steady upward climb. “rescue” Inflation would be a result. Evidently, Democrats took advantage of the opportunity to give away public wealth. They did.

The recent giveaway of $36 billion by the Teamsters is a clear indication of their continuing influence in American politics. It speaks volumes for the union bosses. Who make up half? 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. The politicians you own will bail you out with the public’s money. In fact, you can take such largesse that union workers in other multi-employer plans get left with only crumbs. Write yourself a check. And, as a bonus, we won’t ask you to change anything.”

The world’s workers are not united in this case. This is a cash grab that benefits one group of around 360,000 (3 percent), of the 11,000,000 participants to the multi-employer plan.

And Covid, schmovid. The Congressional Research Service had reported that multi-employer pensions were not adequately funded even before panicking and lockdowns. $650 billion. Insolvency was projected for CSPF by 2025 in 2018, according to projections..

Trillions of dollars short

This bailout is, without doubt, in line with the mantra “Never let a crisis go to waste.” Both 2017 and 2019 saw massive private pension bailouts Introduction reintroduced. In the name of fiscal sanity, they were defeated by a more conservative Senate both times. Opponents of bailouts pointed to the fact that the bills did not address the structural issues that led to these pensions being in danger.