Biden Releases Billions to Aid Pensions
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Biden Releases Billions to Aid Pensions
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The president is expanding his power — all the more reason to pray.
From CNBC. President Joe Biden on Thursday is announcing the infusion of nearly $36 billion to shore up a financially troubled union pension plan, preventing severe cuts to the retirement incomes of more than 350,000 Teamster workers and retirees across the United States.
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The money for the Central States Pension Fund is the largest amount of federal aid provided for a pension plan, the Biden administration said, and comes from the American Rescue Plan, a $1.9 trillion coronavirus relief package that he signed into law in 2021.
Many union retirement plans have been under financial pressure because of underfunding and other issues. Without the federal assistance, Teamster members could have seen their benefits reduced by an average of 60% starting within a couple of years. …
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. …
What do you think of Biden’s decision? Share your thoughts and prayers below.
(Excerpt from CNBC. Photo Credit: Getty Images)
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Comments
I’m sorry but l don’t acknowledge this pedostration as a legal representation of wtp. They were never elected and honor satan more than the God of our foundation. This is just another flaming example of evil scratching each other’s backs. I doubt if I’ll ever approve of anything they do and I’m ok with that. I still pray for them all but you know how it is with reprobates. Only God can redeem them.
Lord, I ask for the fear of the LORD to come upon this man. You are good and want no-one to perish. I ask You to have great mercy on this nation and world, and draw the evil people to You! Terrify them if it’s needed. Show Yourself strong! You alone are God. You deserve the glory. Remove all who who refuse to repent and turn from evil.
Please have great mercy on Your people during these difficult times. Keep us from sin. We need You, LORD!!! We all need YOU desperately!
I’m sure the unions will appreciate President Biden’s move but what of other pension plans that are suffering? Why this picking only one side to receive benefit? Father, stop this wickedness. Restore financial sanity to our government.
Pray to Deliver us from evil! That means get rid of Joe Biden!
This is an unjust move by this administration. The federal government is not to use taxpayer dollars to pick and choose insolvent pension plans to fund. This is a move to keep unions, in this case the Teamsters, voting for a particular political party. Furthermore, saving this pension plan has nothing to do with COVID. This is an abuse of executive power. We need to pray for truth and justice to prevail in this situation.
Right on !!