WOW, That was AWESOME Joey…..
Dec. 8th, Per CNN: The Biden administration awarded $36 billion Thursday to prevent cuts to the pensions of roughly 357,000 union workers and retirees. It’s the largest federal award of its kind, according to the White House. The funding comes from the American Rescue Plan, a federal pandemic aid package passed by Congress in 2021 that allowed some struggling multiemployer pension plans to apply for financial assistance. The money announced Thursday goes to the Central States Pension Fund, which has been struggling financially for many years. The private pension fund covers workers and retirees from more than 1,000 companies across a range of industries, including warehouse workers, construction workers and food processors. Most of its retirees are truck drivers. Without the influx of money, the fund’s workers and retirees were facing benefit reductions of roughly 60% over the next few years. Now, with the $36 billion award, the fund is expected to be able to pay full benefits through at least 2051. At the time the American Rescue Plan was passed, more than 200 multiemployer pension plans were struggling to continue paying the retirement benefits workers had earned. Normally, when a multiemployer fund like Central States runs out of money, a government insurance fund called the Pension Benefit Guaranty Corporation, or PBGC, kicks in so that retirees still receive a partial benefit. But the PBGC itself has been underfunded and was expected to become insolvent in 2026. The funding from the American Rescue Plan has allowed the PBGC to approve 37 applications for relief for pension plans that were either already insolvent or projected to run out of money in the near future, according to the House Education and Labor Committee. The relief has saved more than 550,000 pensions and protected nearly 2,000 employers.
Per Wikipedia: Joseph Robinette Biden Jr. was born November 20, 1942 and is an American politician who is the 46th and current president of the United States. A member of the Democratic Party, he served as the 47th vice president from 2009 to 2017 under Barack Obama and represented Delaware in the United States Senate from 1973 to 2009. Biden was born and raised in Scranton, Pennsylvania, moving with his family to New Castle County, Delaware, in 1953 when he was ten. He studied at the University of Delaware before earning his law degree from Syracuse University in 1968. He was elected to the New Castle County Council in 1970 and became the sixth-youngest senator in U.S. history after he was elected to the United States Senate from Delaware in 1972, at age 29. Biden was the chair or ranking member of the Senate Foreign Relations Committee for 12 years and was influential in foreign affairs during Obama’s presidency. He also chaired the Senate Judiciary Committee from 1987 to 1995, dealing with drug policy, crime prevention, and civil liberties issues; and oversaw six U.S. Supreme Court confirmation hearings, including the contentious hearings for Robert Bork and Clarence Thomas. He ran unsuccessfully for the Democratic presidential nomination in 1988 and 2008. Biden was reelected to the Senate six times and was the fourth-most senior sitting senator at the time when he became Obama’s vice president after they won the 2008 presidential election, defeating John McCain and his running mate Sarah Palin. Obama and Biden were reelected in 2012, defeating the Republican ticket of Mitt Romney and Paul Ryan. During eight years as vice president, Biden leaned on his Senate experience and frequently represented the administration in negotiations with congressional Republicans, including on the Budget Control Act of 2011, which resolved a debt ceiling crisis, and the American Taxpayer Relief Act of 2012, which addressed the impending “fiscal cliff”. He also oversaw infrastructure spending in 2009 to counteract the Great Recession. On foreign policy, Biden was a close counselor to the president and took a leading role in designing the withdrawal of U.S. troops from Iraq in 2011.
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Track: Cash Machine
Artist: Anno Domini Beats