{"id":1551830,"date":"2022-07-13T08:18:27","date_gmt":"2022-07-13T12:18:27","guid":{"rendered":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/?p=1551830"},"modified":"2022-07-13T08:19:35","modified_gmt":"2022-07-13T12:19:35","slug":"retirement-funds-are-tanking-but-biden-makes-protecting-union-pensions-priority","status":"publish","type":"post","link":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/retirement-funds-are-tanking-but-biden-makes-protecting-union-pensions-priority\/","title":{"rendered":"Retirement Funds Are Tanking, but Biden Makes Protecting Union Pensions Priority"},"content":{"rendered":"<aside class=\"mashsb-container mashsb-main mashsb-stretched\"><div class=\"mashsb-box\"><div class=\"mashsb-count mash-medium\" style=\"&quot;\"><div class=\"counts mashsbcount\">22<\/div><span class=\"mashsb-sharetext\">SHARES<\/span><\/div><div class=\"mashsb-buttons\"><a class=\"mashicon-facebook mash-medium mash-nomargin mashsb-noshadow\" href=\"https:\/\/www.facebook.com\/sharer.php?u=https%3A%2F%2Fwww.conservativenewsdaily.net%2Fbreaking-news%2Fretirement-funds-are-tanking-but-biden-makes-protecting-union-pensions-priority%2F\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Facebook<\/span><\/a><a class=\"mashicon-twitter mash-medium mash-nomargin mashsb-noshadow\" href=\"https:\/\/twitter.com\/intent\/tweet?text=&amp;url=https:\/\/www.conservativenewsdaily.net\/breaking-news\/?p=1551830&amp;via=ConservNewsDly\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Twitter<\/span><\/a><a class=\"mashicon-subscribe mash-medium mash-nomargin mashsb-noshadow\" href=\"#\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Subscribe<\/span><\/a><div class=\"onoffswitch2 mash-medium mashsb-noshadow\" style=\"display:none\"><\/div><\/div>\n            <\/div>\n                <div style=\"clear:both\"><\/div><\/aside>\n            <!-- Share buttons by mashshare.net - Version: 4.0.47--><div><img decoding=\"async\" src=\"https:\/\/assets.rebelmouse.io\/eyJhbGciOiJIUzI1NiIsInR5cCI6IkpXVCJ9.eyJpbWFnZSI6Imh0dHBzOi8vYXNzZXRzLnJibC5tcy8zMDA5MTI2NS9vcmlnaW4uanBnIiwiZXhwaXJlc19hdCI6MTcwMzQ1MjA3M30.jJqfmmvkavp1V4l-zKBVbegfbPT0jMVBZunzWOH0Dn8\/img.jpg?width=1200&#038;coordinates=0%2C269%2C0%2C1&#038;height=600\" class=\"ff-og-image-inserted\" alt=\"image\" \/><\/div>\n<p>Because he has done so little, or, more accurately, so little that has gone right, Joe Biden is still spending time talking about the American Rescue Plan. This legislation from March 2021 keeps making it into Biden\u2019s speeches and his Twitter account more than a year and a quarter after its passage.<\/p>\n<p>No, he hasn\u2019t been talking about how the ARP\u2019s $1.9 trillion in spending helped stoke the historic inflation we are seeing (he still seems to be surprised that something called \u201cstimulus\u201d checks stimulated the economy). <\/p>\n<p>He also isn\u2019t mentioning how the American Rescue Plan lowered the 1099-K reporting requirements that went into effect January 1, targeting not mega-corporations but hobbyists, side-giggers, and small online sellers. It reduced IRS reporting triggers from sites like eBay, Etsy, and Venmo from a threshold of more than $20,000 in gross payments in a given year to a mere $600. Of course, he and his administration will tell you it was to go after all the billionaires \u2026 with $600 worth of income activity.<\/p>\n<p>No, here is what Biden has been saying, per a recent tweet:<\/p>\n<p>\u201cImagine working 40 or 50 years. Working hard. Doing everything right to provide for your family. And your pension goes insolvent through no fault of your own. I did something about it. The Butch Lewis Act will keep multiemployer plans solvent for decades to come \u2013 until 2051.\u201d<\/p>\n<p>Now, imagine working 40 or 50 years and having inflation and gas prices go through the roof through no fault of your own. And imagine the value of your 401(k) holdings going down double digits \u2014 again, not your fault. But I digress.<\/p>\n<p>According to the Biden administration, that Butch Lewis Act legislation as part of the ARP will protect the retirement funds of 2 to 3 million union workers and restore benefits to more than 80,000 workers who already saw cuts.<\/p>\n<p>First, the Act doesn\u2019t actually solve the issue for these funds; it just kicks the can down the road (shocking, I know). <\/p>\n<p><a href=\"https:\/\/www.plansponsor.com\/in-depth\/experts-analyze-finalized-union-pension-relief-funding-framework\/\" target=\"_blank\" rel=\"noopener\">PLANSPONSOR<\/a>, an information and solutions resource for the retirement benefits industry, puts the change as impacting \u201chundreds of thousands of union pensioners and their families, who stood to lose as much as 40% of their promised pension payments.\u201d<\/p>\n<p><a href=\"https:\/\/www.littler.com\/publication-press\/publication\/butch-lewis-emergency-pension-plan-relief-act-2021-becomes-law\" rel=\"noopener noreferrer\" target=\"_blank\">Littler<\/a>, an employment and labor law firm, said, \u201cNotably, the bill does not include structural reforms to the multi-employer program, which many feel are necessary to ensure the long-term viability of these types of plans.\u201d<\/p>\n<p>Moreover, while Biden was worried about the union members\u2019 pensions taking a dive because of their structuring, he seemed to have missed the large number of Americans who cared about the nosedives their 401(k)s have been taking. In response to his above tweet, words related to \u201c401k\u201d began to trend on Twitter.<\/p>\n<p>Per the Census Bureau\u2019s most recent <a href=\"https:\/\/www.census.gov\/content\/dam\/Census\/library\/publications\/2020\/demo\/p70br-170.pdf\" rel=\"noopener noreferrer\" target=\"_blank\">Wealth Report<\/a>, 57.3% of American households have retirement plans like IRAs, 401(k)s, etc. and 22% have non-plan investments in the stock market. <\/p>\n<p><a href=\"https:\/\/news.yahoo.com\/retirement-savers-lose-stock-market-201508667.html\" rel=\"noopener noreferrer\" target=\"_blank\">Yahoo! reported<\/a> in June 2022 that according to the Center for Retirement Research at Boston College, \u201cAmericans lost $1.4 trillion in their 401(k) accounts and another $2 trillion in IRAs\u201d from the beginning of the year. <\/p>\n<p>So, instead of finding ways to stem inflation, thwart a recessionary environment, stop the debasement of the dollar, and secure Americans&#8217; economic future, Biden is out touting kicking the can down the road for a select group of union members. <\/p>\n<p>We should ensure that all Americans who have worked, done the right things, saved, and invested don\u2019t find their economic reality whipsawed through no fault of their own. They deserve their retirements to be safe and stable, not at the whim of capricious politicians and Federal Reserve officials. <\/p>\n<p>But if Biden is going to pick winners and losers instead, maybe he shouldn\u2019t brag about it.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Because he has done so little, or, more accurately, so little that has gone right, Joe Biden is still spending time talking about the American Rescue Plan. This legislation from<\/p>\n","protected":false},"author":1,"featured_media":1552024,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_mo_disable_npp":"","fifu_image_url":"","fifu_image_alt":"","footnotes":""},"categories":[],"tags":[],"class_list":["post-1551830","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry"],"_links":{"self":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/1551830","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/comments?post=1551830"}],"version-history":[{"count":0,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/1551830\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media\/1552024"}],"wp:attachment":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media?parent=1551830"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/categories?post=1551830"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/tags?post=1551830"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}