So far since his part time residency in the White House, Joe Biden has awarded over 36 unions from additional tax payer funds with the most being over $1.2 billion to just one of those organizations.
Typically the Biden and Obama regime wait until Fridays to release news that they know will be subdued over the weekend.
It’s no different on December 9, 2022 when Hunter Biden’s father announced a reward going to the Teamster Central States Pension Fund representing somewhere between one-third and one-half of the total estimated cost of the entire federal aid program.
The regime will hand over almost $36 billion to brace up the Union’s financially troubled pension plan of more than 350,000 Teamster workers and retirees across the United States.
🔹The money is the largest amount of federal aid provided for a pension plan in history.
🔹It’s part of Nancy Pelosi’s American Rescue Plan, a $1.9 trillion coronavirus relief package that Biden signed into law in 2021.
🔹”Bidenflation” has resulted in higher consumer prices and fund losses across the nation.
🔹Without the federal assistance, Teamster members could have seen their benefits reduced by an average of 60% starting within a couple of years.
“Union workers and their families are finally able to breathe a huge sigh of relief, knowing that their hard-earned retirement savings have been rescued from steep cuts,” said Lisa Gomez, assistant labor secretary for employee benefits security.
Multiemployer pension funds are created by agreements between unions and companies and are partially insured by the federal government’s Pension Benefit Guaranty Corporation. The insurance program was on track to become insolvent in 2026, but the pandemic relief money is expected to keep it on firm footing through 2051.
The retirement plan has participants in almost every state, with the largest concentration in the Midwest. There are about 40,000 participants in both Michigan and Ohio, nearly 28,000 in Missouri, 25,000 in Illinois and about 22,000 each in Texas and Wisconsin, according to figures provided by the White House.
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