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2023-02-24 -Lurid Crime Tales-
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In Case You Missed It: Biden Shoveled $36 Billion In Taxpayer Funds To Bail Out Teamsters For Mismanaged Pensions
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[TheFederalist] ‘The largest private pension bailout in American history’ gave each beneficiary of the Central States Pension Fund nearly $100,000.
staying bought
Can Americans be bribed with their own money? The powers that be are certainly putting that question to the test. In recent years, we’ve seen inflation-inducing cash giveaways associated with “Covid relief.” We’ve seen the ongoing attempts at profoundly inequitable student loan forgiveness. In December, we saw a $1.7 trillion pork pie omnibus appropriations bill passed by a Congress that had no time to read it.
Lost in all of this has been one spectacular giveaway: $100,000 per beneficiary of the Central States Pension Fund (CSPF). The fund provides pension benefits to nearly 360,000 private-sector workers and retirees, mostly Teamsters Union members. U.S. Rep. Kevin Brady, R-Texas, called the deal out in December, noting it was “the largest private pension bailout in American history” that benefited only “a tiny minority of workers.” He suggested it resulted from the insanity of “allowing those who mismanaged pensions to determine whether their funds qualify for taxpayer assistance with no safeguards.”
The $36 billion comes almost 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 law in the spring of 2021, when the economy was already well into recovery. The housing market was booming. The stock market was on a steady upward climb. It was obvious that the “rescue” would cause inflation. It was obvious Democrats were taking advantage of an opportunity to give away public largesse. And did they ever.
Lest we doubt the ongoing influence of the Teamsters in American politics, the recent $36 billion giveaway says it all. It says to the union bosses, who make up half of 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.”
Workers of the world are not united here. This is a cash grab benefiting one group of roughly 360,000 (3 percent) of the 11 million participants in the multi-employer plans.
And Covid, schmovid. Even before the panic and the lockdowns, the Congressional Research Service reported that the multi-employer pensions were underfunded by $650 billion. In 2018, CSPF had been projected to reach insolvency by 2025. 
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Posted by NoMoreBS 2023-02-24 00:00||
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File under: Tin Hat Dictators, Presidents for Life, & Kleptocrats
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Posted by Woodrow 2023-02-24 02:34||
2023-02-24 02:34||
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2023-02-24 08:15||
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2023-02-24 08:19||
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Posted by DooDahMan 2023-02-24 19:34||
2023-02-24 19:34||
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