Bailouts

Bailouts can help American workers. Biden just gave $36 billion dollars of taxpayer money to bail out Central States, a pension fund. Pensioners/retirees who paid into that account over the years and were promised retirement income will still get their retirement checks. This is the good part.

I understand the need for bailouts, but what I think should happen is that the people in charge that caused the need for a bailout, should be held responsible. For example, several years ago, our government bailed out the automaker General Moters. When the government did this, they controlled the company. The General Motors CEO and several board members were fired. Executive salaries were reduced. Bailout repayment required. Rightly so! But this bailout of Central States is different. Our government is just handing them $36 billion taxpayer dollars with no strings. No one was fired? No additional oversight? No review of the bookkeeping? And no repayment? This is absurd! I would have gotten the facts first, and then asked the American people if they wanted this bailout.

One explanation for the Central States pension fund going broke is that it was funded by union truckers and union warehouse people. As union membership dropped, the fund started losing money. Unless union membership increases, which is not likely, this pension fund will be needing another bailout in the future. Hopefully the $36 billion dollars will hold them over until AFTER the next presidential election.