Biden’s pension bailout is a gift to unions
President Biden bragged last week about his administration’s bailout of multi-employer union pension plans, enacted in the US bailout package meant to address pandemic-related issues. “Millions of workers will have the dignified retirement they have earned and deserve,” he said July 6 in Cleveland. In fact, the American taxpayer will bear the cost of union plans that were insolvent long before the pandemic. The bailout virtually guarantees future insolvency or another bailout and is a massive giveaway to unions.
Multi-employer pension plans are a creation of unions. These are defined benefit pension plans, maintained under collective agreements, in which more than one employer contributes to the plan. These plans are typically found in industries such as trucking, transportation, and mining, where union members work for multiple companies.