America Just Bailed Out A Bunch Of Pensions At The Taxpayers' Expense• Zero Hedge
Authored by Bruce Wilds via Advancing Time blog,
Unnoticed by most taxpayers and touted as good news was the fact we the taxpayers of America have stepped up to the plate and bailed out hundreds of failing pensions. Much of this took place without the average citizen even knowing it occurred.
Buried deep in the American Rescue Plan signed into law by President Biden in March 2021 was a provision mandating the government to bail out ailing multiemployer pension plans.
The American Rescue Plan Act of 2021 was the $1.9 trillion economic stimulus package proposed by President Joe Biden to speed up the United States' recovery from COVID-19. The huge bill was passed with little time for debate or even to be read, all under the idea congress needed to take action to address the economic and health effects of the pandemic and the ongoing recession. While how this provision to assist troubled pensions has been addressed did not get a great deal of air time it may prove to be far more costly than predicted.