Pension Bailouts in the COVID Relief Bill

[Dont Taz Me Bro]

Sorry...to the victors go the spoils. We won the election so we are the captain now.

You don't have the foresight to see that nobody is winning. Not surprising.

 

[AFrench2]

You know what a pension is, right? Retirement money for workers?

Why do you hate American workers?

Why do you hate responsibility?

We all have a responsibility to take care of our own American workers. I like responsibility and I am happy to see workers able to retire without having to work at Walmart until they are 90 as greeters to grease the wheels of Capitalism.

 

[WTH_Progs?]

Did you know: One provision in the $1.9 trillion legislation that’s recently passed in the Senate is the $86 billion bailout for failing pensions. As The New York Times reports, taxpayer money is going towards problems that existed prior to the pandemic.

Tucked inside the $1.9 trillion stimulus bill that cleared the Senate on Saturday is an $86 billion aid package that has nothing to do with the pandemic.

Rather, the $86 billion is a taxpayer bailout for about 185 union pension plans that are so close to collapse that without the rescue, more than a million retired truck drivers, retail clerks, builders and others could be forced to forgo retirement income.

The bailout targets multiemployer pension plans, which bring groups of companies together with a union to provide guaranteed benefits. All told, about 1,400 of the plans cover about 10.7 million active and retired workers, often in fields like construction or entertainment where the workers move from job to job. As the work force ages, an alarming number of the plans are running out of money. The trend predated the pandemic and is a result of fading unions, serial bankruptcies and the misplaced hope that investment income would foot most of the bill so that employers and workers wouldn’t have to. (NYT)

Rescue Package Includes $86 Billion Bailout for Failing Pensions (Published 2021)

Democrats pushed through a big aid measure for multiemployer pensions whose problems predate the pandemic.

www.nytimes.com

What's even more appalling? "The provision does not require the plans to pay back the bailout, freeze accruals or to end the practices that led to their current distress, which means their troubles could recur. Nor does it explain what will happen when the taxpayer money runs out 30 years from now."
.
.
Washington spending $86 billion to bail out *private* pensions is a strong indicator of how Congress will respond to the SocSec & Medicare trust funds hitting zero - no reforms, just permanent bailouts. That's how you get $100 trillion in 30-year deficits.

The ‘Massive Scandal’ Buried in Covid 'Relief' Bill

Republicans warned that only a small percentage of the American Rescue Plan was actually going toward Covid-19 relief, and that the rest is filled with pork, far-left policies, and bailouts—hence

townhall.com

I did not realize this was in that bill. Payola strike again, nothing like having an entire political party behind you. Did the GOP try to stop this? Don't know, they should have at least tried.

As long as we're doing the things wrong we're setting the sails right for the sake of my Democrat party & communism.

Don't underestimate the level of stupid & corruption in our society. My Democrats use it to our advantage toward achieving our goals, and the more absurd the better.

 

[AFrench2]

Sorry...to the victors go the spoils. We won the election so we are the captain now.

You don't have the foresight to see that nobody is winning. Not surprising.

I have plenty of foresight *looks into crystal ball*

Donald Trump is no where near the nuclear button anymore. We are all winning. Have a good day!

 

[Dont Taz Me Bro]

You know what a pension is, right? Retirement money for workers?

Why do you hate American workers?

Why do you hate responsibility?

We all have a responsibility to take care of our own American workers. I like responsibility and I am happy to see workers able to retire without having to work at Walmart until they are 90 as greeters to grease the wheels of Capitalism.

Where is the responsibility of the government to see to it that the pensions are responsibly managed. Where is the responsibility of the politicians to not make promises they can't keep?

 

[Dont Taz Me Bro]

Sorry...to the victors go the spoils. We won the election so we are the captain now.

You don't have the foresight to see that nobody is winning. Not surprising.

I have plenty of foresight *looks into crystal ball*

Donald Trump is no where near the nuclear button anymore. We are all winning. Have a good day!

My comment has nothing to do with Donald Trump, nor Biden, for that fact. Thanks for proving my point. Have a good day!

 

[WTH_Progs?]

What's important is govt. pensions is an entitlement, and these are truly the 1%, because they didn't have to give anything short of time for a wonderful benefit 99% of us don't have.

Imagine obtaining a govt. job earning 80K a year when in the private sector you're worth no more than 30K. Then add 15 sick days, 21 vacations days & 11 paid holidays & insurance too. That's assuming you even need to show up, because as of now the public sector is part-time collecting full time wages, because they're special, fragile and most of all they're better than you. They're the true one percenters.

So when they retire they're given up to 100% their salaries or more, due to their tremendous suffering, paid for on your dime.

The guys running this shit are worthless as well, thus tremendous debt to be bailed out by the taxpayers (fucked again), specifically inside left districts where chaos is considered pleasure.

 

[task0778]

" We all have a responsibility to take care of our own American workers. I like responsibility and I am happy to see workers able to retire without having to work at Walmart until they are 90 as greeters to grease the wheels of Capitalism. "

I think it the responsibility of the American workers to take care of themselves. Look, if you make stupid choices with your money and don't the means to take care of yourself then it's not my duty to take care of you. I might choose to help, donate my time and money to whatever cause I want to, but I don't owe it to anyone else. My tax-dollars are supposed to be spent on necessary gov't functions that cannot be done by individuals, not on policies and programs that buy votes.

 

[Nostra]

You know what a pension is, right? Retirement money for workers?

Why do you hate American workers?

That help shouldn't come from a bill which is supposed to address something completely unrelated to pensions...

Apparently the Senate Parlamentarian disagreed with you.

A bunch of shit-bag democrats disagreed with me.

Sorry...to the victors go the spoils. We won the election so we are the captain now.

That you are. A Captain that will sink the USA ship. Dumbass.

No need for name calling.

You know what a pension is, right? Retirement money for workers?

Why do you hate American workers?

Those are private pensions. No way should our tax dollars be used to bail them out.

Why is that? They bailed out private banks in 2008 with a $850 bill TARP bill, but can't bailout private pensions?

Why do you hate America?

I was against that bailout also. If you fail you should pay the price, not tax payers.

The economy would have collapsed and me, you, and your parents would have all lost our jobs.

Tarp bailed out auto unions, not the auto industry, not America.

Barry was an idiot.

 

[AFrench2]

I think it the responsibility of the American workers to take care of themselves.-task0778

It is, but when times are tough we must and together and the government must help its citizens. Also, the voters disagree with you. The guy who ran on what he called "bold" pandemic relief won, and so he is doing his part to give pandemic relief.

Look, if you make stupid choices with your money and don't the means to take care of yourself then it's not my duty to take care of you-task0778

We're talking about pension relief during an economic crisis and a pandemic. Choices or personal responsibility had nothing to do with it.

My tax-dollars are supposed to be spent on necessary gov't functions that cannot be done by individuals, not on policies and programs that buy votes.

Taking care of workers during a pandemic is a necessary government function.

Have a good day!

Thanks. The staff here are so friendly

 

[AFrench2]

You know what a pension is, right? Retirement money for workers?

Why do you hate American workers?

That help shouldn't come from a bill which is supposed to address something completely unrelated to pensions...

Apparently the Senate Parlamentarian disagreed with you.

A bunch of shit-bag democrats disagreed with me.

Sorry...to the victors go the spoils. We won the election so we are the captain now.

That you are. A Captain that will sink the USA ship. Dumbass.

No need for name calling.

You know what a pension is, right? Retirement money for workers?

Why do you hate American workers?

Those are private pensions. No way should our tax dollars be used to bail them out.

Why is that? They bailed out private banks in 2008 with a $850 bill TARP bill, but can't bailout private pensions?

Why do you hate America?

I was against that bailout also. If you fail you should pay the price, not tax payers.

The economy would have collapsed and me, you, and your parents would have all lost our jobs.

Tarp bailed out auto unions, not the auto industry, not America.

Barry was an idiot.

Ford, GM, Chevy and Dodge all disagree with you.

EDIT: And Biden just won Michigan a couple months ago on his support for the Auto Industry as VP during Barry's tenure. So I think they disagree with you as well.

 

[bendog]

Did you know: One provision in the $1.9 trillion legislation that’s recently passed in the Senate is the $86 billion bailout for failing pensions. As The New York Times reports, taxpayer money is going towards problems that existed prior to the pandemic.

Tucked inside the $1.9 trillion stimulus bill that cleared the Senate on Saturday is an $86 billion aid package that has nothing to do with the pandemic.

Rather, the $86 billion is a taxpayer bailout for about 185 union pension plans that are so close to collapse that without the rescue, more than a million retired truck drivers, retail clerks, builders and others could be forced to forgo retirement income.

The bailout targets multiemployer pension plans, which bring groups of companies together with a union to provide guaranteed benefits. All told, about 1,400 of the plans cover about 10.7 million active and retired workers, often in fields like construction or entertainment where the workers move from job to job. As the work force ages, an alarming number of the plans are running out of money. The trend predated the pandemic and is a result of fading unions, serial bankruptcies and the misplaced hope that investment income would foot most of the bill so that employers and workers wouldn’t have to. (NYT)

Rescue Package Includes $86 Billion Bailout for Failing Pensions (Published 2021)

Democrats pushed through a big aid measure for multiemployer pensions whose problems predate the pandemic.

www.nytimes.com

What's even more appalling? "The provision does not require the plans to pay back the bailout, freeze accruals or to end the practices that led to their current distress, which means their troubles could recur. Nor does it explain what will happen when the taxpayer money runs out 30 years from now."
.
.
Washington spending $86 billion to bail out *private* pensions is a strong indicator of how Congress will respond to the SocSec & Medicare trust funds hitting zero - no reforms, just permanent bailouts. That's how you get $100 trillion in 30-year deficits.

The ‘Massive Scandal’ Buried in Covid 'Relief' Bill

Republicans warned that only a small percentage of the American Rescue Plan was actually going toward Covid-19 relief, and that the rest is filled with pork, far-left policies, and bailouts—hence

townhall.com

I did not realize this was in that bill. Payola strike again, nothing like having an entire political party behind you. Did the GOP try to stop this? Don't know, they should have at least tried.

I suspect this was one reason none of them bought in.

I'm not shocked or appalled the dems put it and anything else not directly tied to covid relief/stimulus. They won. The gop passed stimulus/tax bills in reconcilliation. It was the dems "win."

Hopefully they will try to steer to the middle, which McConnell and Trump never did. Biden promised a new start, so let's see if he can do it.

 

[jknowgood]

You know what a pension is, right? Retirement money for workers?

Why do you hate American workers?

That help shouldn't come from a bill which is supposed to address something completely unrelated to pensions...

Apparently the Senate Parlamentarian disagreed with you.

A bunch of shit-bag democrats disagreed with me.

Sorry...to the victors go the spoils. We won the election so we are the captain now.

That you are. A Captain that will sink the USA ship. Dumbass.

No need for name calling.

You know what a pension is, right? Retirement money for workers?

Why do you hate American workers?

Those are private pensions. No way should our tax dollars be used to bail them out.

Why is that? They bailed out private banks in 2008 with a $850 bill TARP bill, but can't bailout private pensions?

Why do you hate America?

I was against that bailout also. If you fail you should pay the price, not tax payers.

The economy would have collapsed and me, you, and your parents would have all lost our jobs.

You do know it was Bush that bailed out the banks, you giving him credit? May want to rethink that. I know you do as you masters tell you.

 

[jknowgood]

You know what a pension is, right? Retirement money for workers?

Why do you hate American workers?

That help shouldn't come from a bill which is supposed to address something completely unrelated to pensions...

Apparently the Senate Parlamentarian disagreed with you.

A bunch of shit-bag democrats disagreed with me.

Sorry...to the victors go the spoils. We won the election so we are the captain now.

That you are. A Captain that will sink the USA ship. Dumbass.

No need for name calling.

You know what a pension is, right? Retirement money for workers?

Why do you hate American workers?

Those are private pensions. No way should our tax dollars be used to bail them out.

Why is that? They bailed out private banks in 2008 with a $850 bill TARP bill, but can't bailout private pensions?

Why do you hate America?

I was against that bailout also. If you fail you should pay the price, not tax payers.

The economy would have collapsed and me, you, and your parents would have all lost our jobs.

Tarp bailed out auto unions, not the auto industry, not America.

Barry was an idiot.

Ford, GM, Chevy and Dodge all disagree with you.

EDIT: And Biden just won Michigan a couple months ago on his support for the Auto Industry as VP during Barry's tenure. So I think they disagree with you as well.

Ford wasn't bailed out, so your point is wrong.

 

[task0778]

You don't have the foresight to see that nobody is winning. Not surprising.

It's like 2 people in quicksand, slowly drowning. But instead of helping each other to get out of the trouble they're in, they're bashing each other over the head with the same things they could be using to save themselves. And the worst part is, their kids are watching them and learning how to hate.

 

[Nostra]

You know what a pension is, right? Retirement money for workers?

Why do you hate American workers?

That help shouldn't come from a bill which is supposed to address something completely unrelated to pensions...

Apparently the Senate Parlamentarian disagreed with you.

A bunch of shit-bag democrats disagreed with me.

Sorry...to the victors go the spoils. We won the election so we are the captain now.

That you are. A Captain that will sink the USA ship. Dumbass.

No need for name calling.

You know what a pension is, right? Retirement money for workers?

Why do you hate American workers?

Those are private pensions. No way should our tax dollars be used to bail them out.

Why is that? They bailed out private banks in 2008 with a $850 bill TARP bill, but can't bailout private pensions?

Why do you hate America?

I was against that bailout also. If you fail you should pay the price, not tax payers.

The economy would have collapsed and me, you, and your parents would have all lost our jobs.

Tarp bailed out auto unions, not the auto industry, not America.

Barry was an idiot.

Ford, GM, Chevy and Dodge all disagree with you.

EDIT: And Biden just won Michigan a couple months ago on his support for the Auto Industry as VP during Barry's tenure. So I think they disagree with you as well.

Ford didn’t get any money, Stupid.

Chevy is part of GM. GM still filed for bankruptcy after Barry bailed out the unions, Dummy.

Dodge is part of Chrysler, Genius.

Chrysler filed for bankruptcy after Barry bailed out the unions, Simpleton.

You really are a clueless rube.

 

[AFrench2]

You know what a pension is, right? Retirement money for workers?

Why do you hate American workers?

That help shouldn't come from a bill which is supposed to address something completely unrelated to pensions...

Apparently the Senate Parlamentarian disagreed with you.

A bunch of shit-bag democrats disagreed with me.

Sorry...to the victors go the spoils. We won the election so we are the captain now.

That you are. A Captain that will sink the USA ship. Dumbass.

No need for name calling.

You know what a pension is, right? Retirement money for workers?

Why do you hate American workers?

Those are private pensions. No way should our tax dollars be used to bail them out.

Why is that? They bailed out private banks in 2008 with a $850 bill TARP bill, but can't bailout private pensions?

Why do you hate America?

I was against that bailout also. If you fail you should pay the price, not tax payers.

The economy would have collapsed and me, you, and your parents would have all lost our jobs.

Tarp bailed out auto unions, not the auto industry, not America.

Barry was an idiot.

Ford, GM, Chevy and Dodge all disagree with you.

EDIT: And Biden just won Michigan a couple months ago on his support for the Auto Industry as VP during Barry's tenure. So I think they disagree with you as well.

Ford didn’t get any money, Stupid.

Chevy is part of GM. GM still filed for bankruptcy after Barry bailed out the unions, Dummy.

Dodge is part of Chrysler, Genius.

Chrysler filed for bankruptcy after Barry bailed out the unions, Simpleton.

You really are a clueless rube.

Ford did receive money.

GM did not go bankrupt.

No.

 

[Nostra]

You know what a pension is, right? Retirement money for workers?

Why do you hate American workers?

That help shouldn't come from a bill which is supposed to address something completely unrelated to pensions...

Apparently the Senate Parlamentarian disagreed with you.

A bunch of shit-bag democrats disagreed with me.

Sorry...to the victors go the spoils. We won the election so we are the captain now.

That you are. A Captain that will sink the USA ship. Dumbass.

No need for name calling.

You know what a pension is, right? Retirement money for workers?

Why do you hate American workers?

Those are private pensions. No way should our tax dollars be used to bail them out.

Why is that? They bailed out private banks in 2008 with a $850 bill TARP bill, but can't bailout private pensions?

Why do you hate America?

I was against that bailout also. If you fail you should pay the price, not tax payers.

The economy would have collapsed and me, you, and your parents would have all lost our jobs.

Tarp bailed out auto unions, not the auto industry, not America.

Barry was an idiot.

Ford, GM, Chevy and Dodge all disagree with you.

EDIT: And Biden just won Michigan a couple months ago on his support for the Auto Industry as VP during Barry's tenure. So I think they disagree with you as well.

Ford didn’t get any money, Stupid.

Chevy is part of GM. GM still filed for bankruptcy after Barry bailed out the unions, Dummy.

Dodge is part of Chrysler, Genius.

Chrysler filed for bankruptcy after Barry bailed out the unions, Simpleton.

You really are a clueless rube.

Ford did receive money.

GM did not go bankrupt.

No.

No, Ford got nothing.

And GM did file. You are an ignorant Cuck.

How General Motors Was Really Saved: The Untold True Story Of The Most Important Bankruptcy In U.S. History

Five years after an unprecedented government bailout there's no shortage of people--including President Obama--taking credit for rescuing the most important industrial company in American history. But the truth of what happened during GM's darkest days has never been told. Until now.

www.forbes.com

 

[initforme]

The true one percenters are the multi millionaires and billionaires. Instead of rooting for an average poor worker making 50 grand(which is nothing in america, nothing) you prop up the Uber wealthy. Makes zero sense. They have you thinking average workers are the culprit. How does it happen that middle and lower class people find hatred for each other?

 

[ClaireH]

You know what a pension is, right? Retirement money for workers?

Why do you hate American workers?

That help shouldn't come from a bill which is supposed to address something completely unrelated to pensions...

Apparently the Senate Parlamentarian disagreed with you.

A bunch of shit-bag democrats disagreed with me.

Sorry...to the victors go the spoils. We won the election so we are the captain now.

That you are. A Captain that will sink the USA ship. Dumbass.

No need for name calling.

You know what a pension is, right? Retirement money for workers?

Why do you hate American workers?

Those are private pensions. No way should our tax dollars be used to bail them out.

Why is that? They bailed out private banks in 2008 with a $850 bill TARP bill, but can't bailout private pensions?

Why do you hate America?

Indeed they did, and that federal bank bailout was equally a mega monster of a financial handout to those corps deemed "too big to fail" which was and is about as anti-free market philosophy as there ever was one.

Under the guise of "COVID assistance" to gain support for relief when the truth is in fact: “Only about 1 percent of the entire package goes toward COVID vaccines, and 5 percent is truly focused on public health needs surrounding the pandemic,” according to Maya MacGuineas of the Committee for a Responsible Federal Budget. New ‘COVID’ Legislation Contains $300 Billion in Unrelated Spending, Budget Watchdog Warns

Until the populace demands that our elected officials have better credentials (are given a battery of tests to determine and reveal IQ, cognitive functioning, emotional intelligence, competency assessment, etc. and set up public access for citizens to review the results prior to each national election, we'll continue to have reps do things "because it's always been done this way" and spend without a care like the debt will never be paid...I assume that is in fact the real plan...to never pay it back until perhaps the Pied Piper gets tired of catching rats and calls it in.

• Japan holds more U.S. debt than any other country in the world at $1,271.7B, or 18.67% of the total.
• China used to own the most debt but is now in second place at $1,081.6B or 15.88%.
• No other country besides Japan and China holds more than 6% of total foreign-held debt. The U.K. owns the third most in the world at just $395.3B or 5.8% of the total.
• Foreign countries control only about 30% of the entire national debt. American investors, the Federal Reserve and other parts of the U.S. government own the rest.

Charted: The Biggest Foreign Holders of U.S. Debt

The U.S. debt continues to skyrocket thanks to the coronavirus pandemic. This visualization breaks down the biggest foreign holders of U.S. government debt.

howmuch.net