Biden Grants Historic Federal Bailout to Union Pension Fund Struggling in His Economy – By Anna Allen (Washington Free Beacon) / Dec 9, 2022
President Joe Biden announced Thursday he’s bailing out a struggling union pension fund with $36 billion of taxpayer money, the largest federal bailout of a pension fund ever.
The Central States Pension Fund, which provides benefits to Teamsters union members in the trucking, warehouse, and construction industries, was projected to run out of money by 2025 due to rising inflation, weak stock markets, and a lack of active workers participating in the fund, the Washington Times reported. Biden plans to save the fund from insolvency by using money from his $1.9 trillion dollar American Rescue plan, which even Democrat lawmakers admit caused the country’s record high inflation.
The announcement comes a week after Biden upset rail workers by not backing their strike to fight for paid sick leave, blowing his campaign commitment to become “the most pro-union president” in U.S. history.
“Ensuring that workers and their families enjoy the retirement security they earned through a lifetime of work is a central part of President Biden’s economic plan,” the White House said. “President Biden is building the economy from the bottom up and middle out, including helping to ensure a dignified retirement for all American workers and their families.”
