Do you understand how broke we are?

Crossville TN

Description

Biden’s union pension bailout: Experts say new details reveal risks of the Biden pension plan. The Biden administration unveiled details this week of the final rules surrounding the federal bailout of hundreds of union pension plans passed as part of Democrats' $1.9 trillion American Rescue Plan Act coronavirus relief package last year, saying it will secure workers' benefits for decades to come. ARPA's Special Financial Assistance Program injects $90 billion of taxpayer funds into the federal government's Pension Benefit Guaranty Corporation, which insures private-sector pensions. Prior to the passage of the purported COVID package, the PBGC was set to become insolvent in 2026. The White House claims the plan will prevent 2 to 3 million workers from having their pension payments cut in retirement, by saving upwards of 200 private-sector union plans that had been in danger of insolvency. One sticking point is that the rules have changed to allow one-third of the taxpayer-provided funds to be invested in stocks, which, according to The Wall Street Journal, "overrides a previous restriction that generally limited them to investment-grade bonds." "The White House is going to allow the same pension fund managers – who have been historically awful at their jobs – the ability to make riskier investments with not only hardworking American’s pensions, but also the nearly $100 billion worth of taxpayer dollars delivered to unions under the guise of COVID relief," Kreifels told FOX Business. Let's not forget that Blackrock and CEO Larry Fink (former head of Lehman Brothers 2008 housing crash) has invested heavily in China. Larry Fink’s BlackRock is betting your money on Communist China Consumers’ Research warned 10 state governors via a letter last December against doing business with BlackRock over the company's investments in China. Hild sent the letter to the governors of Washington, Florida, New York, Nevada, South Carolina, Oklahoma, Pennsylvania, Montana, Nebraska and West Virginia – the 10 states with the top-10 state pension fund investments with BlackRock – to "raise awareness among American consumers that BlackRock is taking their money and betting on China." Think a Communist country will give us our money? See why this is Biden's war?