{"id":1857235,"date":"2023-02-23T07:04:44","date_gmt":"2023-02-23T12:04:44","guid":{"rendered":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/?p=1857235"},"modified":"2023-02-23T07:05:31","modified_gmt":"2023-02-23T12:05:31","slug":"biden-shoveled-36-billion-in-taxpayer-funds-to-bail-out-teamsters-for-mismanaged-pensions","status":"publish","type":"post","link":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/biden-shoveled-36-billion-in-taxpayer-funds-to-bail-out-teamsters-for-mismanaged-pensions\/","title":{"rendered":"Biden Shoveled $36 Billion In Taxpayer Funds To Bail Out Teamsters For Mismanaged Pensions"},"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\">28<\/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%2Fbiden-shoveled-36-billion-in-taxpayer-funds-to-bail-out-teamsters-for-mismanaged-pensions%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=1857235&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-->\n<p>Can Americans be bribed to give their money? This question is being posed by the powers that be. We&#8217;ve seen cash giveaways that infuse inflation over the years. &#8220;Covid relief.&#8221; We&#8217;ve witnessed the continuing attempts to forgo student loans due to inequity. We witnessed the December report. <a href=\"https:\/\/www.openthebooks.com\/the-national-desk-openthebooks-slams-congresss-massive-earmark-spending-gateway-drug-to-runaway-spending\/\" target=\"_blank\" rel=\"noreferrer noopener\">a $1.7 trillion pork pie omnibus\u00a0appropriations\u00a0bill<\/a> It was passed by a Congress who had no time to review it.<\/p>\n<p>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. <a href=\"https:\/\/www.whitehouse.gov\/briefing-room\/statements-releases\/2022\/12\/08\/fact-sheet-president-biden-announces-historic-relief-to-protect-hard-earned-pensions-of-hundreds-of-thousands-of-union-workers-and-retirees\/\" target=\"_blank\" rel=\"noreferrer noopener\">360,000<\/a> Retirees and workers in the private sector, most notably members of Teamsters Union. U.S. Rep. Kevin Brady R-Texas <a href=\"https:\/\/waysandmeans.house.gov\/brady-democrats-force-taxpayers-to-cover-irresponsible-promises-with-largest-private-pension-bailout-in-history\/\" target=\"_blank\" rel=\"noreferrer noopener\">Call the deal out<\/a> Noting that it was in December &#8220;the largest private pension bailout in American history&#8221; They were the ones who benefited. &#8220;a tiny minority of workers.&#8221; He said it was due to the insaneness of &#8220;allowing those who mismanaged pensions to determine whether their funds qualify for taxpayer assistance with no safeguards.&#8221;<\/p>\n<p><a href=\"https:\/\/www.whitehouse.gov\/briefing-room\/statements-releases\/2022\/07\/05\/fact-sheet-president-biden-announces-historic-american-rescue-plan-pension-relief-for-millions-of-union-workers-and-retirees\/\" target=\"_blank\" rel=\"noreferrer noopener\">The $36 billion<\/a>\u00a0This 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. &#8220;rescue&#8221; was the Biden administration&#8217;s Covid spending\u00a0bonanza. 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. &#8220;rescue&#8221; Inflation would be a result. Evidently, Democrats took advantage of the opportunity to give away public wealth. They did.<\/p>\n<p>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. <a href=\"https:\/\/mycentralstatespension.org\/about-your-fund\" target=\"_blank\" rel=\"noreferrer noopener\">Who make up half?<\/a> The CSPF board &#8220;You can watch the pension fund&#8217;s health decline for decades. You can make unrealistic promises to employees. You can <a href=\"https:\/\/www.gao.gov\/products\/gao-18-106\" target=\"_blank\" rel=\"noreferrer noopener\">keep the plan below 75 percent funded<\/a>. 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&#8217;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&#8217;t ask you to change anything.&#8221;<\/p>\n<p>The world&#8217;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.<\/p>\n<p>And Covid, schmovid. The Congressional Research Service had reported that multi-employer pensions were not adequately funded even before panicking and lockdowns. <a href=\"https:\/\/www.forbes.com\/sites\/brandonkochkodin\/2022\/12\/21\/taxpayers-36-billion-pension-fund-bailout-comes-with-one-thin-string-attached\/\" target=\"_blank\" rel=\"noreferrer noopener\">$650 billion<\/a>. <a href=\"https:\/\/www.gao.gov\/products\/gao-18-106\" target=\"_blank\" rel=\"noreferrer noopener\">Insolvency was projected for CSPF by 2025 in 2018, according to projections.<\/a>.<\/p>\n<p> Trillions of dollars short <\/p>\n<p>This bailout is, without doubt, in line with the mantra &#8220;Never let a crisis go to waste.&#8221; Both 2017 and 2019 saw massive private pension bailouts <a href=\"https:\/\/www.congress.gov\/bill\/115th-congress\/senate-bill\/2147\" target=\"_blank\" rel=\"noreferrer noopener\">Introduction<\/a>  <a href=\"https:\/\/www.congress.gov\/bill\/116th-congress\/senate-bill\/2254\" target=\"_blank\" rel=\"noreferrer noopener\">reintroduced<\/a>. 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.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>&#8216;The largest private pension bailout in American history&#8217; gave each beneficiary of the Central States Pension Fund nearly $100,000.<\/p>\n","protected":false},"author":1743,"featured_media":1857238,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_mo_disable_npp":"","fifu_image_url":"https:\/\/cndimages.nyc3.digitaloceanspaces.com\/breaking-news\/wp-content\/uploads\/2021\/01\/IMG_2758-scaled-1.jpg","fifu_image_alt":"","footnotes":""},"categories":[546],"tags":[8252,4550,3620,4543,19458,19181,4113,5349,19459],"class_list":["post-1857235","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-the-federalist","tag-8252","tag-bail","tag-biden","tag-funds","tag-mismanaged","tag-pensions","tag-shoveled","tag-taxpayer","tag-teamsters"],"fifu_image_url":"https:\/\/cndimages.nyc3.digitaloceanspaces.com\/breaking-news\/wp-content\/uploads\/2021\/01\/IMG_2758-scaled-1.jpg","_links":{"self":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/1857235","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\/1743"}],"replies":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/comments?post=1857235"}],"version-history":[{"count":0,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/1857235\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media\/1857238"}],"wp:attachment":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media?parent=1857235"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/categories?post=1857235"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/tags?post=1857235"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}