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?

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

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