Incompetence is the sure ticket for getting money from the Biden government. From birchgold.com:
Both private and public pensions have been having major funding issues and struggling to get a good ROI for a number of years.
So it’s no surprise that any sort of economic relief package presented to Congress would include funds for pensions. Especially since a “bailout” culture seems to have taken root in America.
The recent $1.9 trillion COVID-19 stimulus bill approved by the House is no exception to this “bailout culture.”
The New York Times reported that it contains $86 billion for struggling pensions:
The $86 billion is a taxpayer bailout for about 185 union pension plans that are so close to collapse that without the rescue, more than a million retired truck drivers, retail clerks, builders and others could be forced to forgo retirement income.
The article continued: “The trend predated the pandemic and is a result of fading unions, serial bankruptcies and the misplaced hope that investment income would foot most of the bill so that employers and workers wouldn’t have to.”
Leaving aside the fact that “hope” is shaky ground to base any economic decision on, this appears as another signal that pensions are going the way of the dodo bird.