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There are a few things I want to say about this. First, it really isn’t a good comparison to federal bailout of state’s pension plans. This article is discussing loans. The second thing is I do not support these loans at all. KKR should not receive any government money outside of what they earn from patient services. Beyond that, I despise private equity firms as they are the sleaziest and ruin anything they touch. Taxpayers of other states should not be bailing out states who were irresponsible with their finances, and no company should receive bailout either.
The taxpayers of those states should be held liable for what their government does. If they are held liable they may hold their government to higher standards, which is needed around much of the country.
Last edited by Livinginwaterland; 07-07-2022 at 06:57 AM..
Pension Benefit Guaranty Corporation (PBGC) existed since 1974 - long before Biden was president. It's good for the small guy - regular workers.
Before PBGC, my father lost his pension because his employer went bankrupt. Poof, gone. PBGC was formed to prevent workers from getting their pensions wiped out after working for decades expecting the pension they were promised.
There are a lot of hard working blue collar construction workers, railroad workers, coal miners, manufacturing workers, teachers, police, firefighters and laborers that would lose their pension if not for PBGC.
Pray that Manchin & Sinema will stand firm against this too.
Just as anyone with an IQ over about 100 could have foreseen. No such thing as a responsibly run blue state. Run up the bills, and then turn it over to friendly administrations in the federal government to bail them out.
How about he worries about shoring up social security instead. Oh, that’s okay, we can just print more money to cover that too. This is the democrat fiscal policy in the 21st century.
And the Republican fiscal policy. In terms of how they waste our money and overspend, the parties are indistinguishable. And they have been for decades.
Just as anyone with an IQ over about 100 could have foreseen. No such thing as a responsibly run blue state. Run up the bills, and then turn it over to friendly administrations in the federal government to bail them out.
What about the Red states that rely on the Federal taxes paid by Blue states to run them? They are net takers who receive more in Federal funding than their citizens pay. I’d love to see that change and require each state gets the same percentage of a federal dollars based on the contributions of their citizenry. How you gonna run those “well run” red states then??
Congress Saves Coal Miner Pensions, but What About Others? Dec 24, 2019 Lawmakers will use taxpayer money to fill a roughly $10 billion hole in the miners’ doomed fund. But more plans face the same problems. The $1.4 trillion spending bill passed by Congress last week quietly achieves what a parade of select committees and coordinating councils could not: rescue a dying pension fund that is the lifeblood of nearly 100,000 retired coal miners. For the first time in 45 years of federal pension law, taxpayer dollars will be used to bail out a fund for workers in the private sector. And now that there’s a precedent, it might not be the last. ... A failure to act would have had dire consequences: Tens of thousands of miners, many in already economically distressed areas, would have lost their benefits. And coal pensions support not just families but sometimes whole towns
What about the Red states that rely on the Federal taxes paid by Blue states to run them? They are net takers who receive more in Federal funding than their citizens pay. I’d love to see that change and require each state gets the same percentage of a federal dollars based on the contributions of their citizenry. How you gonna run those “well run” red states then??
Nice deflection.
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