Biden Shoveled $36 Billion In Taxpayer Funds To Bail Out Teamsters For Mismanaged Pensions

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Democrats hid a $36 billion Teamsters bailout in that $1.7 Trillion omnibus bill that was recently signed into law? The Teamsters’ mismanaged pension fund received the largest-ever private pension bailout in American history as a sweet thank-you for the decades of political support the union gave Democrats.

So the message here is, steal, cheat and lie and we will steal from hardworking Americans to cover-up your crimes as long as you support the totalitarians in power.

Buying votes with your hard earned money. No retirement for you, slave.

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Biden Shoveled $36 Billion In Taxpayer Funds To Bail Out Teamsters For Mismanaged Pensions

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

By: Peter Reichard, The Federalist, February 23, 2023

‘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.
Trillions of Dollars Short

To be sure, this bailout falls under the mantra, “Never let a crisis go to waste.” In 2017 and 2019, massive private pension bailouts were introduced and reintroduced. Both times, a more conservative Senate beat them back in the name of fiscal sanity. Opponents of the bailouts pointed out that the bills failed to address the structural problems that put these pension plans on the road to insolvency in the first place. But by 2021, amid the larger Covid-tide spending spree, proponents found their opportunity. No strings attached.

Now a precedent has been set. The Congressional Budget Office has already said: Sorry, the $86 billion the American Rescue Plan tagged for the union pension plans is not enough. Meanwhile, taxpayers more broadly are faced with a bigger devil lurking in the shadows. America’s public pension plans have robbed the henhouse for years through risky investments, chronic underfunding, implausible rate of return projections, inadequate employee contributions, overly generous benefits, and just plain public-sector greed. These state and local pensions present a problem to be measured in the trillions of dollars.

How much is the Teamsters’ mere $36 billion? To put it in perspective, you could run the state of Colorado for a year on that money. You could run all five states of New Hampshire, Vermont, South Dakota, Wyoming, and Idaho, and still have billions left over. The $36 billion is $108 from each man, woman, and child in America into the pockets of the Teamsters. And the White House bragged about it in a press release.
Mob Rule

Three of the 10 richest counties in America are suburbs of our nation’s capital, and that in large part is because D.C. has become a feeding trough. One of the big piggies, of course, is the Teamsters union. Through the last two federal election cycles, the Teamsters spent more than $9 million on lobbying and more than $10 million in member dues, fattening the campaign coffers of the union oligarchy’s friends.

By the way, if the name Central States Pension Fund rings an unpleasant bell, that’s because it was the vehicle created by the Teamsters President Jimmy Hoffa as a means of enriching himself. He used the fund to make loans to his mobster friends and took kickbacks, which landed him in jail. He then turned control of the fund to a mobbed-up friend, who was himself jailed for taking kickbacks. And then the replacement’s replacement was also jailed for taking kickbacks.

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Snowedin
Snowedin
1 year ago

That is because the teamsters, like all of the other unions, financially support the progressive,commie, demos.

Staff Sgt Chaos
Staff Sgt Chaos
1 year ago
Reply to  Snowedin

Yes they do! They are all mostly corrupt and not for the workers.

JoeyJ
JoeyJ
1 year ago

He’s well on his way to destroying the country formerly known as the United States of America.

And 80+ million of you guys supposedly voted for him.

Congratulations. I hope that you will be happy living under the New World Order. With no rights or freedoms whatsoever.

Staff Sgt Chaos
Staff Sgt Chaos
1 year ago

I would rather respectfully REBEL and fight rather than be controlled or have my rights stripped for me. Better to serve God than to serve Evil! For those who are in denial and blinded, W.A. Carr, Vanessa and the rest….God = Good, Righteous, Biden’s Administration and all who support them, and I mean ALL!! = Evil, Wicked! Those who support them if we don’t kill you in WAR than we will do it in ARMAGEDDON with GOD, JESUS in the lead and us ANGELS by his side or just us ANGELS either way you evil, wicked people will get yours, I PROMISE YOU ALL THAT!!!!

Staff Sgt Chaos
Staff Sgt Chaos
1 year ago

I almost joined a 147 Local Union but decided not to because of certain things I saw and heard. No way I trust any Organization nowadays to promise the money they take for dues goes where it’s suppose to, haha yea right. No wonder they don’t show us where OUR money goes? If a church can show the members their finance report than so should a UNION to it’s members. I understand that ONLY some Unions do right by their employees but we really will never know where the dues go too, really. Trust is something earned and nowadays TRUST may not exist due to the corrupt people of the Country/World!!!!

Last edited 1 year ago by Staff Sgt Chaos
Walter Sieruk
Walter Sieruk
1 year ago

Joe Biden “,Big Brother Biden,” should be booed down ,for he deserves no respect at all, not even a little bit. For Biden is in terribly despicable many ways.

To mention only one of those ways is that a pathological liar. So much so, that it must be a thoroughly ingrained part of his deceitful and wicked nature. Likewise, it may be even part of “his horrendously awful character.”

To the evil extreme, that If Biden tells someone “It’s raining outside.” That person would be to first look out of the window before believing lying creepy old Joe.

The one and only negative thing about Joe Biden impeached and then removed from Office is that he would be replaced by that rude, obnoxiously abrasive, narcissistic, self-serving sinister and insidious Marxist, Kamala Harris, as President.

PatDD
PatD
1 year ago

Strait up unconstitutional!!!!!!

Walter Sieruk
Walter Sieruk
1 year ago

Most likely, Donald Trump will probably very best American President that the United States will ever have in the twenty -first century.

In contrast , Joe Biden, is an affront to the Office of the Presidency of the United States and a disgrace to the US Constitution as well as a catastrophe for America and a disaster for the American people.

Stevie
Stevie
1 year ago

CEO of the Biden crime family, international terrorist, and war criminal Joe Biden doing his thing.

fir1
fir1
1 year ago

So in otherwords those corrupt criminal P’sOS running the teamsters stole/ripped off their members pension funds to use for God knows what – vacations,high class who’s,partying etc… AND WE GET STUCK WITH IT – more of creepy sleepys malfeasence taking care of his comrades in arms criminals –

edD
ed
1 year ago

The puppetmasters of BiDUMB finding NEW ways each and every day to absolutely WASTE taxpayer $$$$$’s….

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