Epoch Times: WASHINGTON—Union pension funds unable to pay promised benefits to retirees would be bailed out by taxpayers under a Democratic plan that a Heritage Foundation retirement expert claims will only make the problem worse, not better.
The Rehabilitation for Multiemployer Pensions Act of 2019 was approved by the House of Representatives 264 to 169 on July 24, with 29 Republicans joining 235 Democrats in voting for the measure first introduced by Rep. Richard Neal (D-Mass.).
The measure would create within the Department of the Treasury a new Pension Rehabilitation Administration to establish and manage a Pension Rehabilitation Trust Fund that would make tax dollars available to insolvent union pensions to invest in the stock market and pay benefits.
The financial assistance would also include 30-year loans to be repaid on extremely generous terms. No benefit reductions would be allowed during the 30 years, according to the bill text.
Among the union pension plans on the Pension Benefit Guaranty Corporation (PBGC) list of critically underfunded funds are those of the United Mine Workers of America, which can only cover 33.2 percent of benefits promised, and the Bakers & Confectionary Union and Industry International Pension Fund that can only cover 36.6 percent. Both plans actively lobbied for the House Democrats’ bailout measure. read more
The Unions stole all the money and now the gubbment wants to steal more stolen money!
Reminds me of a bad movie… “Those who kill killers are killers themselves!”
OMG, Democrats buying votes with your tax dollars!
I’m shocked, I tell you – shocked!
(end of obligatory outrage)
So what else is new?
Now, if you’ll excuse me, I think I’ll go take a nap.
Why the hell are Republicans voting for this???
First, round up all the union bosses, take ’em apart, and sell their organs. Maybe Planned
ParenthoodInfanticide could give pointers.I know that wouldn’t do much to help the finances, but ya gotta start somewhere.
And I thought I couldn’t get more disgusted and pissed off at the libs!
Uh, huh. And now that the unions have failed, we have to bail them out with fiat money with interest paid by my grandchildren?
Shut it down. Article V. Convention Of The States.
29 Republicans voted for it. I can guess which states these RINOs represent. It never ceases to amaze me how many Republicans will vote to screw over innocent people who had nothing to do with the pensions’ failures. Of course, it’s not their money.
I say all the Union leaders, get “volunteered” to join Jimmy Hoffa. >:->
The $600 billion figure is the cost on the private sector side.
Next up, the government bails the public sector pensions, i.e. itself.
Then the pyramid collapses.
It’s already failed, All Too Much. Meanwhile, we’re enjoying our little ride coasting downhill with no engine and no brakes to where the road ends… off a cliff.
Nearly half of all union members are gov’t employees.
Hell no.
Reparations – $$$$$$$$$$$$$$$$$$$$$$
Green New Deal – $$$$$$$$$$$$$$$$$$$
Free College – $$$$$$$$$$$$$$$$$$$$$
Paid college debt – $$$$$$$$$$$$$$$$
Free abortions – $$$$$$$$$$$$$$$$$$$
15 dollar minimum wage – $$$$$$$$$$$
Mandatory gun buyback – $$$$$$$$$$$$
Free gender transition surgery – $$$
All this and more from the same people who hate capitalism.
Answerman, duck duck go says…Industry and Occupation of Union Members In 2018, 7.2 million employees in the public sector belonged to a union, compared with 7.6 million workers in the private sector.
i hoped when reagan busted the strikers that it would mean the end of gov unions. Its just wrong, wrong wrong.
NO EFFIN WAY IN HELL! Bone smoking commie faggots have known for years their pensions were under funded. Yet they funneled billions to every damned commie and leftist cause hoping no one would notice. EFF THEM! Take care of the rank and file PHUCK Union leaders. Make Union leaders pay for their fraudulent support of everything mafia and communist.
Charlie, those are the numbers I’m familiar with.
The private sector funds retirement benefits from profits. The public sector never adequately, if at all, funds their obligations because they have a seemingly bottomless supply of taxpayers.
plus, who do they negotiate new contracts with? more gov beaurocrats and its not thier money so WTH, they get what they want.
theives and crooks.
And how much of the bill goes to lawmakers in hidden pork??
House Dems suck!
Our forefathers would already be shooting by now. (Many others have said that. That is my first.)
I’m a God, guns and gold kind of guy. The camel’s nose under the pension tent is the multiemployer fund bailout. You can’t very well bail out privately funded pensions and then ignore the public pensions.
Eff the workers, this is about government pension plans.
Old dad used to say ‘don’t shit where you sleep’. I say ‘let them sleep where they shit’. Dad was a God, gold and guns kind of guy too.
The camel’s nose under the pension tent. Think the government cares a bit about the multiemployer benefits pensions? No, eff the workers. This allows the bailout of all the government pensions! After all, bail the one private pension, then all government pensions obviously have to be treated just as well.
They’ll be coming after the IRAs and 401Ks next.
Bakers & Confectionary Union ? Do they make the Little Debbie snack cakes? Was on a back country trip once, got drunk smashed one in my hair and passed out.
“Why the hell are Republicans voting for this???”
Because there is about as much difference between the Republicans and Democrats as there is among different colored M&M’s.
They look a little different, but they’re really the same under the surface.
Maybe the unions should ask all the politicians and leftists groups they’ve given money to for a refund. They could probably fund their retirement funds for a good ten years.
Maybe the union bosses should stop taking such big money and sell their big homes and give some to the workers they supposedly represent.
The demoncrat candidates need to be required to wear flashing yellow lights on their heads and blinking blue and red on their noses. Alarmist pigs.
Get the money back.
Money doesn’t just evaporate.
Get it back.
Every dollar stolen by the Union bosses is traceable.
Follow every dollar into every gambling den, every Meth lab, every dope mule, every mexican slave market, every connected construction outfit, every last maggoty lawyer involved, every politicians’ pocket and get it back – under pain of death (slow, miserable death).
But of course, similarly to the FISA abuses and the corruptions at the FBI, CIA, NSA, DoJ, State, &c., too many sleazy maggots will be affected, so we’ll try to settle on “seeing that this never happens again” and letting the guilty not only go free, but keep the money.
izlamo delenda est …