One of the country’s largest private pension funds is running out of money.
Almost a half million people rely on the Central States Pension Fund. They pay out almost $3 billion in benefits a year and don’t have enough assets to keep up that pace. Not good. Unlike the government, they can’t just print money. They say they’ll be bankrupt in ten years.
The fund recently sent the Obama Regime’s Treasury Department a “hail Mary” proposal. Their idea was to slash benefits for current retirees. The Regime told them to stick a fork in that idea.
So Central States went to their last-ditch option. They will seek help from the Pension Benefit Guaranty Corporation. That’s a federal program designed by Congress 40 years ago as a “safety net.”
Here’s the problem. The Pension Benefit Guaranty Corporation is running out of money, too. It doesn’t have enough to insure the 10 million retirees whose private pensions need the safety net.
So, guess what Democrats in Congress want. Yes, a federal bailout! They’re demanding the government step in to back up the government program that backs up the private pension plans.
Did I mention, most of the ten million affected are union members? They belong to unions like the AFL-CIO, that spend millions supporting Democrats.
So here’s an idea. Instead of looking for a federal bailout why don’t the pension funds ask their union brothers to bail them out? They’ve got money to burn. And maybe stop sending so much to the democrats for a while!?