Where pension debt is a looming danger to taxpayers, via Texas Public Policy Foundation
Both private and public pensions have been having major funding issues and struggling to get a good ROI for a number of years.
So it’s no surprise that any sort of economic relief package presented to Congress would include funds for pensions. Especially since a “bailout” culture seems to have taken root in America.
The recent $1.9 trillion COVID-19 stimulus bill
The New York Times reported that it contains $86 billion for struggling pensions:
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.
Both private and public pensions have been having major funding issues and struggling to get a good ROI for a number of years.
So it’s no surprise that any sort of economic relief package presented to Congress would include funds for pensions. Especially since a “bailout” culture seems to have taken root in America.
Where pension debt is a looming danger to taxpayers, via Texas Public Policy Foundation
The recent $1.9 trillion COVID-19 stimulus bill
The New York Times reported that it contains $86 billion for struggling pensions:
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.
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Stimulus Package Includes $86 Billion Bailout for Union Pensions
President Joe Biden speaks from the State Dining Room following the passage of the American Rescue Plan in the U.S. Senate at the White House March 6, 2021, in Washington, D.C.
(Photo: Samuel Corum/ Stringer/Getty Images
An $86 billion bailout for nearly 200 union pensions was included in the Democrats’ massive stimulus package, which President Joe Biden is expected to sign into law soon.
More than a million unionized truck drivers, retail clerks, construction workers, and others would likely miss out on retirement income without the bailout, according to The New York Times.
Relief bill has $86B for failing pensions finance-commerce.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from finance-commerce.com Daily Mail and Mail on Sunday newspapers.