As the PBGC Gives $5.7 Billion In Taxpayer Funds To A Failed Teamster Pension Plan, The White House Boasts About It
So far, the PBGC has announced that $67.7 billion out of $91 billion in taxpayer funds has been directed toward failing union pension plans.
By Peter List, Editor | July 29, 2024
On Monday, the Pension Benefit Guaranty Corporation (PBGC) announced that the New England Teamsters Pension Plan (New England Teamsters Plan), based in Burlington, Massachusetts, and covering 72,141 participants in the transportation industry, would receive a $5.7 billion taxpayer-funded bailout.
As of July 29, 2024, PBGC has announced approval of about $67.7 billion in SFA to plans that cover about 1,148,000 workers, retirees, and beneficiaries.
Upon the announcement, and despite the U.S. being $35 trillion in debt, the White House issued a statement reminding Americans that the Biden Administration had protected "600,000 Teamster Pensions" through the taxpayer-funded bailout.
“Because of the American Rescue Plan and the support of Congressional Democrats who passed it without a single Republican vote,” the White House stated, “over 1 million union workers and retirees have already been protected from brutal cuts of up to 75% to the pensions they sacrificed so much to secure.”
In June, Democrats stated they planned to use the taxpayer-funded pension bailout scheme to rally union voters in the upcoming November general elections.
Go here for prior posts about the PBGC’s taxpayer-funded pension bailouts.
