Today, Education and Labor Committee Republican Leader Virginia Foxx (R-NC) issued the following statement regarding the Central States Pension Plan request for billions in bailout assistance from the Pension Benefit Guaranty Corporation (PBGC):
“Democrats are operating under the presumption that throwing more money at failing and mismanaged multiemployer pension plans will cause them to stop hemorrhaging. This is a laughable approach at best. The Central States Pension Plan is requesting over $35 billion in bailout assistance, but we know this is just the beginning. Democrats made sure there was no cap on the amount of taxpayer dollars that PBGC could spend on multiemployer plans. If the Left keeps spending taxpayer dollars like it's monopoly money, this inflation crisis will never end.
“PBGC estimates that it will distribute upwards of $147 billion in taxpayer money to hundreds of pension plans, yet nothing is being done to address the myriad of structural issues that contributed to this crisis in the first place. Democrats will tout the number of pensions they have allegedly ‘saved,’ but I wonder if they’ll acknowledge the number of taxpayers they are robbing blind."
