By John Hugh DeMastri
Daily Caller News Foundation
President Joe Biden is set to announce a roughly $36 billion bailout for union pension plans Thursday after his calls for Congress to force rail unions to accept a new contract strained his relationship with labor groups.
The Central States Pension Fund (CSPF) primarily represents more than 350,000 workers in the Teamsters Union, and was set to become insolvent by 2026, according to CNBC. The bailout is funded through the March 2021 American Rescue Plan (ARP), Biden’s signature COVID-19 relief legislation, and is intended to keep the CSPF solvent through 2051 and prevent a 60% cut to members’ retirement benefits, Bloomberg reported.
“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,” assistant labor secretary for employee benefits security Lisa Gomez told CNBC.
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After workers at four of the twelve major rail unions voted to reject an administration-brokered deal between labor leaders and rail companies, Biden called for Congress to pass a law forcing the resistant unions into accepting the deal. The move drew backlash from workers who were upset about various quality-of-life provisions that did not make it into the final cut of the deal, including a measure to guarantee paid sick leave.
The bailout of the CSPF is coming as part of an ARP program protecting multiemployer pension funds, which are typically negotiated between unions and various employers, according to CNBC. Relief to CSPF is expected to account for roughly one third to one half of all funds disbursed as part of the ARP’s pension protection program.
The White House and the Teamsters did not immediately respond to a Daily Caller News Foundation request for comment. The CSPF could not be reached for comment.
This story originally was published by the Daily Caller News Foundation.
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EDITOR’S NOTE: Leftwing billionaire George Soros bankrolls everything evil – most recently the 75 pro-criminal “Soros district attorneys” who have transformed America’s most dynamic cities into degraded, crime-infested hellscapes of skyrocketing violent crime. Soros also funds drug legalization, euthanasia, open borders, globalism, Black Lives Matter, “defunding the police,” devaluing America’s currency and destroying her sovereignty. But why?
Whistleblower magazine reveals and explores the stunning truth: Soros, an atheist, literally says he’s “some kind of god,” obsessed with re-creating the world in his image. Here are a few actual quotes from Soros: “If truth be known, I carried some rather potent messianic fantasies with me from childhood…” “It is a sort of disease when you consider yourself some kind of god, the creator of everything, but I feel comfortable about it now since I began to live it out.” “You know, in my personal capacity I’m not actually a selfless philanthropic person. I’ve very much self-centered.” “I am kind of a nut who wants to have an impact.” “Next to my fantasies about being God, I also have very strong fantasies of being mad. … I have a lot of madness in my family. So far I have escaped it.”
Except he hasn’t “escaped it.” Not only is Soros totally mad, but he’s imposing his insanity on America. See Soros and the leftwing world he has created and funded as never before in “THE BILLIONAIRE WHO THINKS HE’S ‘GOD’: Why George Soros is obsessed with destroying America.”
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