PAYOFF? Biden Set to Announce $36 Billion “Bailout” for Union Pension Funds

Audience applauding speaker after conference presentation at conference center
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Why do unions vote for Democrats?

Union members are more aligned with the Republican Party on a host of social and cultural and economic issues.

Is it because Democrats have bought them off with taxpayer money?

Recently, Joe Biden angered unions after signing legislation that prevented a nationwide rail strike.

Now, he is set to announce a $36 billion bailout for the Central States Pension Fund – one of the nation’s biggest multiemployer plans.

Bloomberg reported:

President Joe Biden will announce a $36 billion bailout for the Central States Pension Fund, helping to shore up one of the nation’s biggest multiemployer plans and delivering help to union allies after a contentious rail deal that frayed ties with organized labor.

Biden will be joined by International Brotherhood of Teamsters President Sean O’Brien, AFL-CIO President Liz Shuler and Labor Secretary Marty Walsh at an event Thursday to promote the aid, according to a White House statement, which called the assistance “the largest ever award of federal financial support for worker and retiree pension security” and the largest from a program created by Biden’s pandemic relief law, the American Rescue Plan.

The president angered some of his labor allies last week by signing legislation imposing a contract he personally helped to negotiate between freight railroads and their unions, averting a possible strike that threatened to cripple the economy. Rank-and-file union workers, however, opposed the deal. Four of the 12 unions involved in the negotiations — representing roughly 54,500 workers — rejected the contract.

The pension fund has been spending $2 billion more each year than it takes in.

The Washington Times reported:

The Central States Pension Fund has $7.4 billion in assets, according to its most recent quarterly financial report. It is spending more than $2 billion per year more than it is taking in from contributions.

Like other ailing pension funds, Central States has been plagued with a variety of problems. Rising costs, a weaker stock market and a drop in the number of active workers participating in the fund have crippled its revenue.

A payoff for votes?

For the antidote to media bias, check out…

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