COV ‘rescue’ bill sends free money to reckless union pension plans

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No matter what state you live in, you will fund reckless union pension plans thanks to the latest fake COV relief bill. The $1.9 trillion ‘rescue’ bill rescues 185 pension plans about to go bust to the tune of $86 billion.

Only 9% of the nearly 2 trillion is directly tied to COV relief. The remainder is bailouts and payoffs. This is just one of the payoffs to reckless, irresponsible blue states.

Democrats send out free money for votes but don’t solve the issues that caused the problem.

This is from the NY Times:

Rather, the $86 billion is a taxpayer bailout for about 185 union pension plans that are so close to collapse that without the rescue, more than a million retired truck drivers, retail clerks, builders, and others could be forced to forgo retirement income.

The bailout targets multiemployer pension plans, which bring groups of companies together with a union to provide guaranteed benefits. All told, about 1,400 of the plans cover about 10.7 million active and retired workers, often in fields like construction or entertainment where the workers move from job to job. As the work force ages, an alarming number of the plans are running out of money. The trend predated the pandemic and is a result of fading unions, serial bankruptcies, and the misplaced hope that investment income would foot most of the bill so that employers and workers wouldn’t have to.

Both the House and Senate stimulus measures would give the weakest plans enough money to pay hundreds of thousands of retirees — a number that will grow in the future — their full pensions for the next 30 years. The provision does not require the plans to pay back the bailout, freeze accruals or to end the practices that led to their current distress, which means their troubles could recur.

It’s typical socialism. Leftists will continue to offer too much to unions and everyone will get to pay until the money is gone.

Dan Crenshaw wrote on Twitter: Our civic understanding of federal, state, and local responsibility has been completely warped into a belief that irresponsible local governance justifies, without question, “free” money from the feds. It is reckless and unsustainable.

The Texas representative is correct. They are erasing the lines of government.

 


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