President Joe Biden held his first presidential re-election campaign event on Saturday at the Philadelphia Convention Center, making strong appeals to his left-wing base.
Biden appeared alongside organized-labor activists and mentioned in the first few seconds of his oration that when he thinks of working Americans, he especially values the ones who associate with causes he finds politically congenial.
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America’s pension plans are struggling to meet their financial targets amid ruinous inflation, compromising the retirement of countless Americans. The Biden administration has responded by doling out massive amounts of taxpayer money to bail out retirement funds mostly run by unions.
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The Yankee Institute (YI), Connecticut’s premier economically conservative think tank, is exhorting state lawmakers to reject contracts that the Lamont administration negotiated with the State Employee Bargaining Agent Coalition (SEBAC).
YI began warning against the eventual fiscal consequences of the agreements after the public-employee labor coalition started publicizing their major features in mid-March. Later that month, the SEBAC’s 15 unions approved the agreements and, on April 1, Gov. Ned Lamont (D) requested that the Democrat-controlled General Assembly ratify the deals, characterizing them as “responsible and fair.”
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An $86 billion bailout for nearly 200 union pensions was included in the Democrats’ massive stimulus package, which President Joe Biden is expected to sign into law soon.
More than a million unionized truck drivers, retail clerks, construction workers and others would likely miss out on retirement income without the bailout, according to The New York Times. The union bailout, among the $1.9 trillion coronavirus relief package’s provisions unrelated to the pandemic, rescues 185 pension plans across several states.
“There’s more money in this to bailout [sic] union pension funds, than all the money combined for vaccine distribution and testing,” Republican Tennessee Sen. Bill Hagerty tweeted last week.
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