President Biden on Wednesday rolled out a new plan for using federal taxpayer dollars to bail out hundreds of union pension plans at risk of insolvency.
"We saw before the pandemic and the economic crisis that followed," Biden said, "Millions of retirees were at risk of losing their retirement security through no fault of their own, based on conditions and unrelenting attacks on unions that were taking place.
Derek Kreifels, CEO of the State Financial Officers Foundation, noted that the pension funds were in trouble long before the pandemic, asserting the move was political and a gamble for taxpayers and union workers alike. He added, "In truth, this is a disaster of the Biden administration’s own making, putting millions of American’s retirements at risk with terrible economic policies that are reverberating throughout every facet of our lives – from the gas pumps to the grocery stores."
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