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The Democrats Pay-off for Unions

serfserf Member Posts: 8,983 ✭✭✭✭

Who says you can't buy votes here in America. So union workers get S.S. and their Union retirement too! It's all about the virus they say? The politics here in America is all about socialism on the back of America taxpayers for the privilge few who form voting blocks now.

serf

https://www.cnbc.com/2021/03/08/covid-relief-bill-gives-86-billion-bailout-to-failing-union-pension-plans.html

The provision applies to multi-employer pensions. These plans pay benefits to union workers in industries such as construction, manufacturing, mining, retail transportation and entertainment.

There are roughly 1,400 such plans in the U.S., covering 10 million people.

Comments

  • fatcat458fatcat458 Member Posts: 324 ✭✭✭

    Union pensions and SS are totally separate... Always have been, Always will be

  • serfserf Member Posts: 8,983 ✭✭✭✭

    Funding private pensions plans by union workers and then lobbying for under funded federal pension insurance because of bad investments with high risks is just another vote getting tactic to buy off the unions. (Double dipping)

    I was forced to pay for social security through out my working career and never had a union to con me into buying bad investments. There is a difference and you are missing the point.

    The way the Democrats are giving away free benefits with socialism for all is going to break the System sooner than later with hyper inflation,just watch. I don't see the super yacht crowd coming to the rescue either.

    serf

  • fatcat458fatcat458 Member Posts: 324 ✭✭✭

    Serf. Union members DON'T contribute to their Union Pensions. The EMPLOYER pays the pensions.

    Let me repeat myself. Union Pensions and Social Security are completely and totally SEPARATE

  • fatcat458fatcat458 Member Posts: 324 ✭✭✭
    edited March 2021

    l am in a 'Right to Work' state. Unions survive here by providing quality SKILLED LABOR to the Employer that hires UNION SKILLED LABOR. Nobody forces an Employer to hire UNION SKILLED LABOR in my state. UNION SKILLED LABOR is in competition with NON UNION skilled labor in my area. Labor Unions recruit/attract this SKILLED LABOR by providing BENEFITS to the member. These benefits are usually superior wages, health ins, pensions.

    Social Security is a ''TAX'' paid by employer AND employee. Paid by all because its THE LAW.

    Union Pensions are a REWARD bestowed on Union Workers by the EMPLOYER.

    Summing up. Social Security is a ''T A X''. Union Pension is a ''R E W A R D''

    I hope you can see the DIFFERENCE between a TAX and a REWARD

  • Don McManusDon McManus Member Posts: 22,975 ✭✭✭✭

    Pensions are a benefit, just as is health insurance, profit sharing, etc.

    They are not reward bestowed by anyone, rather are negotiated by the union as part of the compensation package.

    Social Security is a tax paid by employers and employees, just as is the cost of a union pension. Absent the pension benefit, take home pay would be higher, just a absent the SS tax, take home pay would be higher.

    Union Pensions and SS are more similar than different. Both collect monies from working people, and both are run by groups that set out to control those from whom that money is collected.

    Freedom and a submissive populace cannot co-exist.

    Brad Steele
  • serfserf Member Posts: 8,983 ✭✭✭✭
    edited March 2021

    They negotiate the terms and most unions control there pensions after who ever pays for it. I say if they go broke too bad it was your/their choice. SS is forced from day one on hourly workers.

    serf

    https://www.zerohedge.com/political/185-union-pensions-got-their-86-billion-piece-covid-19-rescue-pie

    124 multi-employer pensions are in “critical and declining” status, according to the Pension Benefit Guaranty Corporation. They’re projected to have insufficient funds to pay full retirement benefits within the next 20 years.

    PBGC, a government-sponsored entity that usually steps in to fill in the gaps, doesn’t seem like it’s up to the task any longer.

    “Its likelihood of insolvency is ‘very high’ in 2026 and ‘near certainty’ by the end of 2027 due to additional pension failures,” according to its most recent projections.

    So it appears that taxpayers will likely have to foot the bill for failing union pensions, thanks to a measure tucked carefully inside a pandemic relief package. Which begs the question…

    What happens when the next group of pensions start to fail during these already challenging economic times?

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