The House passed H.R. 6929, the Susan Muffley Act of 2022, which will force taxpayers to bail out Delphi’s underfunded, privately-run pension plans.
On the House floor prior to the vote, Education and Labor Committee Republican Leader Virginia Foxx (R-NC) said:
“Wages aren’t keeping up with inflation. A Washington Post economic columnist recently pointed out, ‘Workers are experiencing the biggest decline in years in inflation-adjusted pay.’ And according to a new report, 75 percent of middle-income families ‘say their income is falling behind the cost of living.’
“Given persistent and rising inflation, H.R. 6929 is the last thing we should be considering.
“It will cost taxpayers nearly $800 million over ten years and $1.3 billion in all to bail out Delphi’s underfunded, privately-run pension plans.
“Americans across the country do not want to fork over their hard-earned dollars to fund a costly project that was cooked up in Congress, especially when many have their own retirement accounts to consider or have none at all.
“By doubling down on an already failed strategy, taxpayers will be forced to cover the cost of this cash giveaway. This sets a terrible and troubling precedent that will embolden the federal government to bail out thousands of other privately-run pensions.”
Original source can be found here.
