President Joe Biden is pouring in a staggering amount of money to save the pensions of hundreds of thousands of union workers.
On Thursday, the White House announced Biden would allocate $36 billion to give pensions to union workers of different industries. This marks another attempt by Biden to promote unionization in the American economy.
Biden Allocates $36 Billion To Fund Pensions of Union Workers
Now, nearly $36 billion will be submitted to the Central States Pension Fund, which was facing an existential crisis before Biden’s socialist announcement.
Without the recently allocated $36 billion, almost 60% benefits of the union workers were scheduled to end. However, Biden’s fund will be used to finance all the pension benefits of 357,000 union workers by 2051.
According to the assistant Labor Secretary for employee benefits security, Lisa Gomez, union workers will get a sigh of relief by realizing they will not have to face any pension cuts after their retirements.
Joe Biden is spending $36 billion of YOUR tax dollars to bailout big unions that have failed to properly manage their money.
— Sen. Marsha Blackburn (@MarshaBlackburn) December 8, 2022
This socialist agenda of the Biden administration is part of the American Rescue Plan, which was passed by Congress in March 2021. When this plan was announced, over 200 multiemployer pension funds were struggling to finance the retirement benefits of workers.
Fund leaders suggested their pension program was facing a sharp decline, due to a variety of reasons. For instance, the financial crisis in 2000 and 2008 impacted the fund to a dangerous extent.
Likewise, fund leaders asserted the mass exodus of financially contributed employers further damaged the fund. In addition to that, many participating companies of the fund went bankrupt and ended up getting shut down.
All of these events exposed the fragility of the economic model on which the fund was working. However, Biden decided to rejuvenate the same fund until at least 2051, before which the far-left is likely to further expand the program.
Biden administration just approved $36B to save pension for 100,000 people. That is $352,000 a person.
Has anyone been fired for these losses?
Where can I apply for a $352,000 gift to my retirement account?https://t.co/8MBl7iNHJL
— Garic Moran (@GaricMoran) December 8, 2022
Biden’s Bid to Corrupt Union Continues
Over the years, union membership has been on a rapid decline in the United States. In 1983, almost 20% of American workers were union members, but today this number has nosedived to almost 9%.
The declining membership of unions is motivating Biden to corrupt these unions so more workers join these bodies for monetary gains.
Biden has repeatedly claimed to be the most pro-union president in the history of the United States, arguing his administration will introduce the most pro-union policies. This pledge of Biden is urging him to disproportionately benefit the union workers.
Earlier this week, the Biden administration made headlines for allowing the investment of 401(k) funds of Americans into social justice and environmental-friendly businesses.
Both these ventures are pro-union, which means the government was already sacrificing the safe retirement of millions of Americans for the sake of promoting unions.
Now, Biden is further burdening American taxpayers to fund the retirement benefits of more union members.