Posts tagged taxpayer bailout
Video: This is just bailing out the pension plans: Diana Furchtgott-Roth
November 28, 2023 // How come the Teamster bosses put enough money in the union bosses" pension plan, but the plan for their worker members went bankrupt? Former Labor Department chief economist Diana Furchtgott-Roth discusses the report that teamsters pension allegedly took $127M from U.S. taxpayers for nearly 3,500 dead people on ‘The Evening Edit.’
Teamsters Sacrifices 30,000 Workers: 3 Ways Union Contributed to Yellow Trucking’s Demise
August 2, 2023 // A key reason Yellow was said to be closing its doors is that the union was refusing Yellow’s restructuring and modernization efforts. Part of that restructuring would have included efficiency savings by enabling an additional 600 utility truck drivers to also sometimes perform dock work, but the union controls what tasks workers are allowed to perform, and Teamsters President Sean O’Brien asserted that this restructuring “would have decimated thousands of Teamsters jobs.” Instead, the union’s refusal to allow company management to do what it felt necessary to save the business contributed to the decimation of 22,000 Teamsters jobs.
Biden’s Abuse of Power Causes CBO to Raise Cost Estimate of Private Pension Bailouts by $4.5 Billion
October 18, 2022 // The Congressional Budget Office released a report on Sept. 30 that says President Joe Biden’s changes to the rules of a recent taxpayer bailout of select private union pension plans will add $4.5 billion in costs, bringing the taxpayers’ tab to $90.4 billion over the 2022-2032 period. And that’s likely just the tip of the iceberg. Ordinarily, $4.5 billion in additional spending as a result of administrative action would elicit scrutiny and challenges. After all, Congress—not the administration—has the powers of the purse, and the Biden administration’s Pension Benefit Guaranty Corporation has directly altered the law passed by Congress.