House passes Union Pension fund bailout – Dems eye Union heavy States


 

The House bill that just passed ensures that certain Union pension funds have no fear of going broke. Simply get a loan for their badly managed funds and you and me in the name of the government will simply dump our cash into their hopper. May I ask how much better off will these pension funds be in paying off the loans? I suggest this will simply be Billions of buckeroos reimbursed for very bad management and corruption. What incentive is there for better management? Where was the State supervision of these funds? A “Loan?” How stupid do they think we are?

The operative quote:

“For the first time ever, taxpayers will prop up failing, mismanaged union-run pension plans,” Foxx said during debate. “We’re giving failed union pensions a blank check. What a deal.”

 

Even better, the Dems are smart enough to know this will appeal to the key State voters in the Mid-West that Trump needs to win. First the set up:

The Kline-Miller Multiemployer Pension Reform Act of 2014 (Division O of Pub.L. 113–235) is a federal law that was enacted in the United States on December 16, 2014, with the goal of allowing certain American pension plans that have insufficient funds, and thus are at risk of insolvency, to reduce the benefits they owe.

The House on Wednesday night passed legislation to bolster failing pension funds, an issue that Democrats are hoping will help win over voters in the Midwest’s union-heavy states during the 2020 presidential election.

The bill would bail out multiple-employer pension plans that are on the verge of collapse. The measure would help pension plans sponsored by several employers and managed by a collective bargaining agreement by giving loans to insolvent plans so they can continue to distribute the promised retirement benefits. The legislation passed 264 to 169, with bipartisan support.

The bill, which would aid truck drivers, iron welders, construction workers and employees in other industries, helps bolster Democrats’ case as they look to win back Pennsylvania, Wisconsin and Michigan — states Trump won in 2016 — in 2020.

“You need those areas to win the presidency,” said Brad Bannon, a Democratic political consultant. “There is a cloud of uncertainty hanging over ­blue-collar, noneducated workers in those states. They are worried about the cost of health care, pensions and economic security.”

Washington Post

Here is what the Detroit News has to say:

Washington — The Democratic-controlled House late Wednesday approved a bill to help an estimated 45,000 current and retired Teamsters union members in Michigan avoid pension cuts related to the distressed Central States Pension Plan.

Financial problems have left the plan severely underfunded and could force cuts in payments to hundreds of thousands of retirees nationwide who paid into the system over their careers.

Republican leaders said the bill was fiscally irresponsible and that the poor financial situation of multiemployer pension plans is the result of “union and employer negligence,” as California Rep. Virginia Foxx argued Wednesday.

“For the first time ever, taxpayers will prop up failing, mismanaged union-run pension plans,” Foxx said during debate. “We’re giving failed union pensions a blank check. What a deal.”

Detroit News

There is a similar bill in the Senate which has been reported would need to be compromised with the House Bill.

Other than that, all is well in the swamp. For the best aggregator of conservative news – click below

Thanks Whatfngernews for the link…

17 Responses to “House passes Union Pension fund bailout – Dems eye Union heavy States”

  1. Sunday Respite – The Heart Blinds | BUNKERVILLE | God, Guns and Guts Comrades! Says:

    […] passes Union Pension fund bailout – Dems eye Union heavy States bunkerville.wordpress.com/2019/07/26/hou… […]

    Like

  2. Kid Says:

    Reminds me of the government’s guarantee to pay defaulted student loans. Tuition went Way up. It really is time to start over.

    Liked by 1 person

  3. dave drake Says:

    Dems will bail out any one or institution if they think it will get them votes.

    Off topic, Nadler just wrapped up a press conference stating that more subpoenas for Trump family members are coming for personal emails, etc etc etc etc. He said Mueller’s testimony showed that Russian interference SHOWED collusion, obstruction and witness tampering.

    The Clown Show continues 🙂

    Liked by 1 person

    • bunkerville Says:

      I caught the absurd Nadler nonsense… Unbelievable… lies and total lies.. I agree…. they will buy any vote that is out there.. It is amazing their creativity .. the GOP remains sommulent.

      Like

  4. peter3nj Says:

    The results in the 2020 presidential election will tell the tale of the tape. There is a strong possibility that the Mueller distraction shut down the republicans even considering they were once again being duped into “bi-partisan” feel good- this time possibly throwing the election to the Democrats. Keep in mind the recovering economy was not a factor in 2018 with the red congressional districts voting blue. Never underestimate the amnesia and stupidity of the american voter both red as well as blue.
    Lights out….

    Liked by 1 person

  5. Linda Says:

    This is all about the vote…and the union states know it.

    Liked by 1 person

    • bunkerville Says:

      Money going out the door without any concerns… all for the vote.. Right you are.. The 9/11 funding has to be the greatest boondoggle of all time.. not one word about what it will cost. Who cares? In1 2 years Global warming will kill us anyway.. (Sarc)

      Like

  6. hocuspocus13 Says:

    Pension became “underfunded” because employees lost their jobs/laid off

    Less were paying into the Pension Plan

    Now the economy is doing well and people are back to work

    Union’s are collecting (more) pension money again from employees paychecks that have gone back to work

    In the end it should balance itself out providing no one has their hand in the “cookie jar”

    Liked by 1 person

    • bunkerville Says:

      Hope you are correct. The last I read, we are talking multiple billions.. Then there is the corruption factor… But I like your take on it…

      Like

      • bunkerville Says:

        I should add, our pension fund became underfunded because my employer chose not to fund it adequately and we were in full employment. As far as the union, why should many be able to retire on 80 percent of their salary? I couldn’t. I can’t tell you all of the people who were able to retire after 30 years with healthcare and enormous pensions.

        Liked by 1 person

      • hocuspocus13 Says:

        Perhaps the Union’s should STOP donating millions of dollars to the “favor” of their DemoKKKrat Politicians

        Liked by 2 people

      • bunkerville Says:

        HP… that would be a start.. 🙂

        Like

  7. Steve Dennis Says:

    Pandering at its best/worst! Why should the taxpayers bail out the unions! Suddenly the Democrats are on board with bailouts…

    Liked by 1 person


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