Biden prepares to pay off unions with tens of billions of taxpayers’ dollars with massive pension bailouts – zoohousenews.com
- December 10, 2022
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(Natural News) In the weeks leading up to the November midterm elections, Joe Biden’s handlers directed him to violate the Constitution by authorizing the issuance of hundreds of billions of taxpayer dollars with a student loan giveaway.
The constitution clarifies that only Congress has the authority to authorize the spending of taxpayers’ money, and even the partisan outgoing House Speaker Nancy Pelosi (D-Calif.), who acknowledged last year that Biden had no authority to do so do.
“People think that the President of the United States has the power to cancel debt. He does not. He can move. He can delay. But he doesn’t have that power. It has to be an act of Congress,” she said during a July 2021 press conference.
“The President can’t do that. So this isn’t even a discussion. This is not clear to everyone. But the President can only postpone, delay, but not forgive,” she further noted, as reported by National Review at the time.
To clarify Pelosi’s claim, subsequent federal courts have agreed and blocked Biden’s massive debt forgiveness, and now the matter is before the US Supreme Court. We expect the judges to rule that what Biden did was wrong.
But all in all, he now wants to use another tens of billions in taxpayer dollars to pay union buddies who vote for Democrats, as CNBC noted:
President Joe Biden on Thursday announced the infusion of nearly $36 billion to prop up a financially troubled union pension plan and prevent severe cuts in the retirement incomes of more than 350,000 Teamster workers and retirees across the United States.
The money for the Central States Pension Fund is the largest amount of federal aid to a pension plan, the Biden administration said, and comes from the American Rescue Plan, a $1.9 trillion coronavirus relief package he is signing into law in 2021 Has.
Many union pension schemes have been under financial pressure due to underfunding and other problems. Without government support, Teamster members could have reduced their benefits by an average of 60% in just a few years.
“Union workers and their families can finally breathe a sigh of relief knowing their hard-earned retirement savings have been saved from steep cuts,” Lisa Gomez, assistant labor secretary for worker benefits security, told the news outlet.
Congress may have appropriated those funds, but that doesn’t make this any less of a taxpayer-funded bailout—or just as wrong.
In addition, this fund is an agreement between companies and their unions; They have nothing to do with the federal government, so the vast majority of non-union workers shouldn’t have to shell out a red cent to fill budget shortfalls, even if they’re partially insured with the Federal Pension Benefit Guarantee Corporation, according to CNBC notes.
“The insurance program was on track to default in 2026, but pandemic relief money is expected to keep it on firm ground through 2051,” the outlet reports.
Biden announced the July payout in Ohio; Earlier this week, the program had agreed to allocate funds to 36 pension plans that are underwater, but none of them had received more than $1.2 billion.
Now the amount Biden is sending to the federal pension fund is one-third to one-half the estimated total cost of the federal assistance program.
“The retirement plan has participants in almost every state, with the greatest concentration in the Midwest. According to the White House, there are about 40,000 participants in Michigan and Ohio, nearly 28,000 in Missouri, 25,000 in Illinois, and about 22,000 each in Texas and Wisconsin,” CNBC reported.
Meanwhile, every American in the country is paying more for everything they need, thanks to massive spending by Biden and his Democratic Party, while inflation is still at a decade-high.
Think of those cheeky special interest taxpayer freebies the next time you head to the grocery store or gas station. And keep that in mind when you choose.