Elections have (disastrous) consequences

And a plan for the rest of us, too

In addition to paying off profligate blue states’ bills, the COVID Relief Bill is also spending billions to bail out unions that misspent their pension funds. Reminder: 9% of the $1.9 trillion “relief fund” is going to actual COVID relief.

“In a provision not well-publicized before the stimulus bill narrowly passed by the Senate with only Democrat support, $86 billion dollars will be directed to at least 185 multi-employer union pension plans that are close to collapse. According to the New York Times:

Both the House and Senate stimulus measures would give the weakest plans enough money to pay hundreds of thousands of retirees — a number that will grow in the future — their full pensions for the next 30 years. The provision does not require the plans to pay back the bailout, freeze accruals or to end the practices that led to their current distress, which means their troubles could recur. Nor does it explain what will happen when the taxpayer money runs out 30 years from now.