$36 Billion Pension Subsidy to Truck Drivers Union, Republicans Criticize

On the 8th, the United States approved $36 billion in pension subsidies from the federal fund to the truck drivers ’multi-employment union’, which was the biggest dispute between the Democratic Party and the Republican Party, and the Republican party criticized it.
On this day, President Biden announced the payment of $36 billion in federal funds to support pensions for more than 350,000 union members and retirees.
At the White House, President Biden announced federal financial support for top union leaders, multi-employer unions, and pension guarantees for retirees, and the New York Times called it “the largest ever” and “the money from the corona relief package is mainly for truck drivers in the Midwest. , will avoid cuts of up to 60% in the pensions of warehouse workers, construction workers and food processors,” it reported on the 8th.
The Wall Street Journal said, “The Biden administration has awarded the largest pension bailout to date under the 2021 package, backed by poor union member retirement plans.” , provided to those employed in warehousing, construction, food processing, dairy and grocery transport, and without support, pensioners would have faced a cut in benefits of 60%.”
"Throwing money on a sinking ship won't save anyone," said Rep. Virginia Fox, the top Republican on the House Education and Labor Committee, who has opposed union support, in a statement that day. "There is a crack in its foundation. It is unreasonable and irresponsible to bail out this program without calling for drastic reform."
Multi-employment unions in the US unions are maintained under collective bargaining agreements between multiple employers and serve more than 10 million workers and retirees, including miners, truck drivers, bricklayers, musicians and roofers, according to the WSJ.
The 'multiple employer plan' led by the pro-union Democrats has put pensions at risk of cuts due to years of industry decline, and the shortfall is getting bigger in Corona, and last year the Biden administration tried to bail out support, and the Republicans '' union support.”
"Our members have chosen to forego raises and other benefits in favor of a prosperous retirement, and we are proud of the safety and stability they have all worked so hard for," Sean M. "Most public policy is decided by big corporations, but it's nice to see elected officials stand up for the families they work for once," he said in a statement.
The $36 billion that the Corona Rescue Plan pulled from the $1.9 trillion approved by Congress last year goes to the largest financially struggling multi-employer pension plan in the United States.
"As a result of the funding shortfall, pensioners face a 60% cut in the next few years, but the White House has said federal funding will now guarantee full benefits through 2051," the NYT reported.