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IPFS News Link • TAXES: Federal

Taxpayers Spend $86-Billion from the COVID-19 "Rescue" to Union Pension Funds

• https://needtoknow.new by GEG

The New York Times wrote: "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." And that "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." -GEG

Both private and public pensions have been having major funding issues and struggling to get a good ROI for a number of years.

So it's no surprise that any sort of economic relief package presented to Congress would include funds for pensions. Especially since a "bailout" culture seems to have taken root in America.

Where pension debt is a looming danger to taxpayers, via Texas Public Policy Foundation

The recent $1.9 trillion COVID-19 stimulus bill approved by the House is no exception to this "bailout culture."


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