Intermarkets' Privacy Policy
Support


Donate to Ace of Spades HQ!



Recent Entries
Absent Friends
Bandersnatch 2024
GnuBreed 2024
Captain Hate 2023
moon_over_vermont 2023
westminsterdogshow 2023
Ann Wilson(Empire1) 2022
Dave In Texas 2022
Jesse in D.C. 2022
OregonMuse 2022
redc1c4 2021
Tami 2021
Chavez the Hugo 2020
Ibguy 2020
Rickl 2019
Joffen 2014
AoSHQ Writers Group
A site for members of the Horde to post their stories seeking beta readers, editing help, brainstorming, and story ideas. Also to share links to potential publishing outlets, writing help sites, and videos posting tips to get published. Contact OrangeEnt for info:
maildrop62 at proton dot me
Cutting The Cord And Email Security
Moron Meet-Ups






















« Journalistic Priorities | Main | Is This Something? »
February 23, 2023

Biden Steered $36 Billion In Taxpayer Money Into Teamster Union Pension Funds

Not only did he take our retirement money and use it to pay off his union backers, but he also probably helped his union cronies avoid prosecution, because, had those pension funds run out of money as they would have without this semi-secret taxpayer bailout, there would certainly have been some legal attention devoted to the question, WHERE DID THE MONEY GO?

But now the money is in the accounts where it was supposed to be all along so thanks to Joe Biden -- by which I mean, thanks to the US taxpayer, who was never consulted about any of this -- none of Joe Biden's union cronies have to worry about any forensic accounting investigations or prosecutions.

And this sets a nice precedent for when all the rest of the unions' pensions begin failing one after the other -- you'll just have to pay for it all.

They'll just take your retirement funds to "shore up" the unions' retirement funds.

Isn't that the right thing to do? Aren't we all in this together?

This has been the plan all along. This has been the plan for the past 30 years, when the unions realized they had spent all the money they were supposed to put into the pension funds on present benefits (and illegal payouts to the union officials).

And now the plan goes into effect.

Mollie Hemingway at The Federalist:

"The largest private pension bailout in American history" gave each beneficiary of the Central States Pension Fund nearly $100,000.

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.

Just wait until the public sector unions pension funds start failing!

Chicago's public sector unions' pension funds have barely any money in them! Neither do Detroit's!

And they have promised to pay out billions and billions!

Guess who's going to be funding those?!

No, Guess!

You're gonna love the answer!


digg this
posted by Ace at 03:35 PM

| Access Comments




Recent Comments
Ciampino - I assume TLJ is a Democrat: "That reminded me that Tommy Lee Jones was a room m ..."

JQ: "30-minute time shift? Ugh! That *would* be annoyin ..."

Carlyl: "It is a curse I tell you this internal time clock ..."

Skip : "G'Day everyone ..."

JQ: "Hi, Pixy! ..."

Ciampino - I slay myself: "558 No kidding! Next they'll be telling us, DARPA ..."

Skip : "It is a curse I tell you this internal time clock ..."

WEF, kinder and gentler super villians: "You will never have to vote, and you will LOVE IT! ..."

Ciampino - a bit gamey in taste: "I suppose Guinea fowls would be the African analog ..."

Carlyl: "JQ, I didn't mean that sarcastically. I am really ..."

JQ: "Carlyl, I'm so glad you approve. ..."

Carlyl: "JQ, I'm glad you voted. ..."

Recent Entries
Search


Polls! Polls! Polls!
Frequently Asked Questions
The (Almost) Complete Paul Anka Integrity Kick
Top Top Tens
Greatest Hitjobs

The Ace of Spades HQ Sex-for-Money Skankathon
A D&D Guide to the Democratic Candidates
Margaret Cho: Just Not Funny
More Margaret Cho Abuse
Margaret Cho: Still Not Funny
Iraqi Prisoner Claims He Was Raped... By Woman
Wonkette Announces "Morning Zoo" Format
John Kerry's "Plan" Causes Surrender of Moqtada al-Sadr's Militia
World Muslim Leaders Apologize for Nick Berg's Beheading
Michael Moore Goes on Lunchtime Manhattan Death-Spree
Milestone: Oliver Willis Posts 400th "Fake News Article" Referencing Britney Spears
Liberal Economists Rue a "New Decade of Greed"
Artificial Insouciance: Maureen Dowd's Word Processor Revolts Against Her Numbing Imbecility
Intelligence Officials Eye Blogs for Tips
They Done Found Us Out, Cletus: Intrepid Internet Detective Figures Out Our Master Plan
Shock: Josh Marshall Almost Mentions Sarin Discovery in Iraq
Leather-Clad Biker Freaks Terrorize Australian Town
When Clinton Was President, Torture Was Cool
What Wonkette Means When She Explains What Tina Brown Means
Wonkette's Stand-Up Act
Wankette HQ Gay-Rumors Du Jour
Here's What's Bugging Me: Goose and Slider
My Own Micah Wright Style Confession of Dishonesty
Outraged "Conservatives" React to the FMA
An On-Line Impression of Dennis Miller Having Sex with a Kodiak Bear
The Story the Rightwing Media Refuses to Report!
Our Lunch with David "Glengarry Glen Ross" Mamet
The House of Love: Paul Krugman
A Michael Moore Mystery (TM)
The Dowd-O-Matic!
Liberal Consistency and Other Myths
Kepler's Laws of Liberal Media Bias
John Kerry-- The Splunge! Candidate
"Divisive" Politics & "Attacks on Patriotism" (very long)
The Donkey ("The Raven" parody)
Powered by
Movable Type 2.64