3 ms·

Unions + Pensions

• lotsofpulp 6mo ago
  The pensions that are so underfunded (either due to corruption or bad math) they need repeated bailouts from federal taxpayers? Hope you’re in a sufficiently politically influential union. https://apnews.com/article/biden-business-united-states-government-and-politics-retirees-09d93d2af8cc68de47eccda4a9ef0250 https://apnews.com/article/biden-business-united-states-gove... https://www.cnbc.com/2021/03/08/covid-relief-bill-gives-86-billion-bailout-to-failing-union-pension-plans.html https://www.cnbc.com/2021/03/08/covid-relief-bill-gives-86-b... If federal taxpayers are going to bail out old people, might as well be the whole stock market so it’s not just a few politically influential unions that get bailed out. Union members not in an insufficiently influential union can have their benefits cut: https://www.pbgc.gov/employers-practitioners/multiemployer/introduction/pension-reform-act https://www.pbgc.gov/employers-practitioners/multiemployer/i...
  • buellerbueller 6mo ago
    Bail out individuals, not the wealthy. Certainly not corporations. The stock market is rigged in favor of corporations and wealth.
• vkou 6mo ago
  What do you think pension funds invest in if not the same things as my 401K? Pensions are useful to individuals, because they support you until you die (while your 401K will either run out before you die, or will 'waste' money in the bank if you die before it runs out). But they aren't a magic money tree. They are the exact same formula. Money in, money out, it just gets distributed a little better.