Dear President Biden, Here Are Some Things To Cut

The President Has Asked, 'What Would They Have Me Cut?' From Democrats’ $1.9 Trillion Spending Bonanza, So How About Starting With The Unnecessary State Government Slush Fund And Completely Unrelated Left-Wing Wish List Provisions Like A Job-Killing Minimum Wage Mandate, Obamacare Expansions, And A Pension Fund Bailout?

PRESIDENT JOE BIDEN: “We need Congress to pass my American Rescue Plan that deals with the immediate crisis - the urgency. Now, critics say my plan is too big, that it costs $1.9 trillion. So that's too much. Well, let me ask them: What would they have me cut? What would they have me leave out?” (President Biden, Remarks, 2/19/2021)

SEN. JON TESTER (D-MT): “Any money we spend needs to be focused where it would do the most good… I think it’s part of our job to put our fingerprints on this package so it does the most good.” (“Moderate Senate Democrats Target State Aid Fund In Biden Covid Relief Bill,” The Washington Post, 2/23/2021)


Everyone Left, Right, And Center, Can Plainly See Democrats’ Massive Spending Bill Is Stuffed To The Brim With ‘All Kinds Of Liberal Wish-List Items That Would Do Nothing To Help American Families Put COVID Behind Them’

SENATE REPUBLICAN LEADER MITCH McCONNELL (R-KY): “Even mainstream liberal economists agree that our country does not need another massive firehose of borrowed money. This isn’t April 2020. This is a different chapter. Washington should focus on practical policies to finish this fight. Accelerate vaccinations. Get kids back in school. Help the families and small businesses that actually need help. And get laid-off Americans matched with job openings ASAP. Unfortunately, the Democrats’ partisan proposal would not just be wasteful, but in certain areas, actively counterproductive…. Then there’s the $350 billion bailout for state and local governments, many of whom have already seen revenues and receipts rebound. It’s several multiples of any sober estimate of actual need. Apparently even Senators on the Democratic side are trying to pare back this absurd request. Just one more way this proposal seems to be stuck back in April of 2020. I haven’t even talked about the hundreds of millions of dollars for pet projects without a shred of relevance to the pandemic or the recovery. Money for ‘climate justice.’ Transportation earmarks for the Democratic Leader’s home state. All kinds of liberal wish-list items that would do nothing to help American families put COVID behind them.” (Sen. McConnell, Remarks, 2/24/2021)

THE WALL STREET JOURNAL EDITORIAL BOARD: “[The non-COVID-related provisions of the Democrats’ spending bill are] a combination of bailouts for Democratic constituencies, expansions of progressive programs, pork, and unrelated policy changes…. No wonder Democrats want to pass all this on a partisan vote. It’s a progressive blowout for the ages that does little for the economy but will finance Democratic interest groups for years. Please don’t call it Covid relief.” (Editorial, “The Non-Covid Spending Blowout,” The Wall Street Journal, 2/21/2021)

MAYA MacGUINEAS, President of the Committee for a Responsible Federal Budget: “Only about 1 percent of the entire package goes toward COVID vaccines, and 5 percent is truly focused on public health needs surrounding the pandemic. Meanwhile, nearly half of the package will be spent on poorly targeted rebate checks and state and local government aid, including to households and governments that have experienced little or no financial loss during this crisis.” (“COVID Relief Bill Losing Focus as Details Emerge, Committee for a Responsible Federal Budget, 2/17/2021)

THE WASHINGTON POST EDITORIAL BOARD: “The president has challenged his critics: ‘What would they have me cut? What would they have me leave out? Should we not invest $20 billion to vaccinate the nation? Should we not invest $290 [billion] to extend unemployment insurance for the 11 million Americans who are unemployed so they can get by?’ Our answer to those last two rhetorical questions is no — but those hardly exhaust the options for better focusing his plan on the country’s neediest people and most pressing issues.” (Editorial, “Biden Asked What Could Be Cut From His Covid Relief Package. Here Are Some Ideas,” The Washington Post, 2/22/2021)

  • “The first trim should be to Mr. Biden’s proposed $1,400 direct payments, the current House version of which would cost $422 billion. The ‘checks’ would phase out between $75,000 and $100,000 of individual income, and $150,000 and $200,000 for couples — meaning all but the top-earning 10 percent of U.S. households would get at least some cash. That’s a lot of money to shower on the non-poor, especially given findings from economists affiliated with Opportunity Insights that people earning over $78,000 banked past pandemic-crisis ‘checks’ rather than spending them. They estimated that Congress could save up to $200 billion by restricting payments from couples earning more than $78,000, and singles earning more than $50,000, with ‘minimal impact on economic activity.’” (Editorial, “Biden Asked What Could Be Cut From His Covid Relief Package. Here Are Some Ideas,” The Washington Post, 2/22/2021)

Even The White House Chief Of Staff Admits This Is ‘The Most Progressive Domestic Legislation In A Generation’

WHITE HOUSE CHIEF OF STAFF RON KLAIN: “[W]e are hopefully just weeks away from final passage of the most progressive domestic legislation in a generation.” (MSNBC, 2/24/2021)

AXIOS: “Biden's COVID package also progressive wish list” (“Biden's COVID Package Also Progressive Wish List,” Axios, 1/15/2021)

  • “The president-elect rolled out a $1.9 trillion package headlined for its coronavirus relief but including billions in spending for cybersecurity, transit, wages, health care and other progressive programs. … This proposal is about more than topping off the $600 stimulus checks Americans have already received with $1,400 more. It represents an unabashedly progressive agenda, centered on a strong and growing federal government.” (“Biden's COVID Package Also Progressive Wish List,” Axios, 1/15/2021)


How About Slush Funds For Big-Spending States That Are Raking In Higher Tax Revenue?

THE WASHINGTON POST EDITORIAL BOARD: “[I]t is increasingly clear that the pandemic reduced states and local governments’ revenue far less than initially feared, especially considering federal aid they have already received. California is in surplus; New Hampshire Gov. Chris Sununu (R) is proposing tax cuts. Moody’s Analytics’ latest ‘stress test’ of state finances shows that 31 states have enough money ‘to fully absorb the economic stress of COVID-19,’ without substantial budget cuts or tax increases; seven have ‘most’ of what they need. Just 12 states still face budget gaps of 5 percent or more. Yet the House bill contemplates $510 billion in new aid, including $30 billion for transit, $130 billion for public schools and $350 billion in unrestricted funds. By contrast, the Committee for a Responsible Federal Budget notes, $200 billion would be enough to cover states’ revenue losses and extra school spending through Sept. 30, 2023.” (Editorial, “Biden Asked What Could Be Cut From His Covid Relief Package. Here Are Some Ideas,” The Washington Post, 2/22/2021)

THE WALL STREET JOURNAL EDITORIAL BOARD: “Democrats in Congress are planning to ladle out another $350 billion to state and local governments, though many haven’t finished spending their Cares Act checks and some are running budget surpluses. This is income redistribution for public unions. About one third of the $150 billion that Congress allocated in direct aid to state and local governments last spring still hasn’t been spent. These funds were intended to help governments cover pandemic needs amid budget shortfalls, but most haven’t needed it.” (Editorial, “The Unnecessary State Covid Bailout,” The Wall Street Journal, 2/24/2021)

  • “Federal stimulus has propped up state spending. Most blue states have progressive income tax structures and have benefited from booming asset prices, especially equities. California has a $15 billion surplus. Revenue last month was $3.7 billion (17%) higher than in January 2020. Democrats are now planning to spread their surplus around. Gov. Gavin Newsom on Tuesday signed a $7.6 billion state-funded Covid spending bill that includes $600 payments to individuals earning up to $30,000. Undocumented immigrants could qualify for checks up to $1,200.” (Editorial, “The Unnecessary State Covid Bailout,” The Wall Street Journal, 2/24/2021)

THE WALL STREET JOURNAL EDITORIAL BOARD: “Governors—especially from Democratic states—have been pleading revenue poverty since the pandemic began. But as we approach the anniversary of Covid-19 in America, that tall tale is becoming more difficult to sell. Even the left-tilting media are beginning to figure out what we’ve been reporting for some time…. Add the $350 billion windfall that will soon flow to state and local governments from the $1.9 trillion Biden relief bill, and the states will be swimming in cash…. California already has tax revenue coming in above its pre-pandemic level, thanks to a buoyant stock market and capital gains. But it will receive another $27 billion from federal taxpayers, or 17% of the state’s entire general fund revenue. Pennsylvania will receive $7.1 billion, or 20% of its tax revenue. You won’t hear this from most governors, who still want a handout from the feds. But the telltale sign is that many of the most spendthrift politicians are making no effort to cut spending or reform their governments.” (Editorial, “States of Budget Surplus,” The Wall Street Journal, 2/10/2021)

In State After State, Tax Revenues Have Exceeded Pessimistic Estimates From The Beginning Of The Pandemic, And In Some Cases Even Have Budget Surpluses Now

JPMORGAN: “2020 state tax receipts for the 47 states who report the data, shows an avg decline of just 0.12% vs. 2019, with a weighted avg decline of 0.06%, virtually flat to 2019. 21 of 47 states show positive YoY growth of tax receipts… Of the 40 states that report personal income taxes, 2020 collections rose 1.3% vs 2019, with a weighted avg growth of +2.0%. Over half (25) of states reported positive growth, especially larger states (CA, NY, IL, MA)” (“Municipal Markets Weekly,” JPMorgan, 1/29/2021)

CALIFORNIA: “Remarkably, [California] has more money than it did a year ago, before the pandemic — the overall proposed spending total for 2021-22 is $5 billion higher than in last January’s budget, while the general fund amount is a staggering $11.5 billion larger.” (“California Expects Record Revenues In Stunning Covid Budget Reversal,” Politico, 1/08/2021)

MICHIGAN: “A Wednesday report from the Senate Fiscal Agency says the impact of the recession caused by the coronavirus pandemic is unlike any that Michigan has seen…. The result: At least for the short term, Michigan has about $1.4 billion more to work with than anticipated just a few months ago, in August. And the August estimates — which have now proved too pessimistic — represented a $2.3 billion upward revision from what officials had estimated in May. The upward revisions do not strengthen Whitmer’s case for more direct federal aid for Michigan, which she has called for repeatedly in recent weeks. … Wednesday’s report — which is one of three sets of estimates state officials will consider when they meet to estimate state revenues Jan. 15 — says the state ended 2020 with a $2.5 billion balance in its general fund and a $1.2 billion balance in its School Aid Fund. That’s about $811 million better than what officials estimated in August.” (“Michigan Budget Isn’t As Bad As Whitmer Projected, Agency Reports,” Detroit Free Press, 1/07/2021)

PENNSYLVANIA: “Pennsylvania collected $3.7 billion in General Fund revenue in December, which was $465.8 million, or 14.5 percent, more than anticipated, Revenue Secretary Dan Hassell reported today. Fiscal year-to-date General Fund collections total $18.5 billion, which is $467.1 million, or 2.6 percent, above estimate.” (Pennsylvania Press Room, Press Release, 1/04/2021)

VIRGINIA: “Governor Ralph Northam today announced that total General Fund revenues rose 15.1 percent in December, driven by solid growth in payroll withholding, corporate income tax, sales and use taxes, and recordation tax collections. On a fiscal year-to-date basis, total revenue collections rose 7.8 percent through December, well ahead of the annual forecast of 1.2 percent growth.” (Gov. Northam, Press Release, 1/13/2021)

  • “Virginia House and Senate negotiators have reached agreement on a two-year state budget that would provide 5 percent pay raises for teachers, state employees, university employees and state-supported local employees…. Reaching a deal became easier early this month when Gov. Ralph Northam (D) announced that state tax revenue was running $730 million higher than expected, which created room for the Democrats who control both chambers of the General Assembly to fund the broad increases in pay…. The new money reflects a faster-than-expected rebound for Virginia’s economy, as well as the benefit of millions in pandemic relief money from Washington.” (“Virginia House And Senate Negotiators Agree On Budget Featuring Raises For Teachers, State Employees,” The Washington Post, 2/25/2021)

MASSACHUSETTS: “Massachusetts Department of Revenue (DOR) Commissioner Geoffrey Snyder today announced that December revenue collections totaled $2.842 billion, $230 million or 8.8% more than the actual collections in December 2019. FY2021 year-to-date collections totaled approximately $14.306 billion, which is $372 million or 2.7% more than collections in the same period of FY2020.” (Massachusetts Department of Revenue, Press Release, 1/06/2021)

GEORGIA: “Through November, Georgia’s tax collections are running nearly 6% ahead of last year’s numbers, meaning the state is more than $550 million ahead of projections on its $26 billion spending plan.” (“Georgia Budget Writers Greet Improved Revenue With Caution,” The Associated Press, 1/07/2021)

COLORADO: “In a reversal from earlier forecasts, Colorado’s budget is now expected to take a dive for only one year before rebounding to pre-pandemic levels in fiscal year 2021-22, which starts July 1. The unexpectedly quick recovery means lawmakers potentially have a surplus as high as $3.8 billion for the coming fiscal year, according to new legislative projections.” (“Colorado’s Fiscal Future Looks Brighter. Now Lawmakers Must Decide How To Spend The Unexpected Windfall.,” The Colorado Sun, 12/18/2020)

NORTH CAROLINA: “Thanks in part to the budget stalemate, state government now has more than $4 billion in unspent revenue, and the total is growing every month -- even amid the pandemic’s economic slowdown. For now, though, the legislature has no immediate plans to spend the funds on COVID-19 relief or other priorities… According to the State Controller, the new fiscal year began July 1 with $1.47 billion in the bank. Between then and Oct. 31, the state has taken in an additional $2.91 billion that hasn’t been appropriated. That amount is in addition to the $1.1 billion in the state’s ‘rainy day’ fund. … Another factor driving the surplus is that North Carolina continues to see tax revenue higher than 2019. For example, the state got $1.14 billion in individual income tax revenues in October, up from $1.08 billion in October 2019, according to the State Controller’s report.” (“NC Has More Than $4 Billion In Unspent Revenue But No Immediate Plans To Spend It,” The News & Observer, 12/09/2020)

MINNESOTA: “What had been a $2.42 billion deficit when Minnesota Management and Budget, the agency that oversees the state’s finances, last took a look at the economic impacts of COVID-19 has turned into a $641 million surplus. That’s on a base two-year budget of $48.4 billion…. That look into the two-year budget that begins July 1, 2021 is a vast improvement over the summertime-estimate of a $4.7 billion deficit. And it is well below the state’s current rainy day savings account of $2.36 billion…. Since the start of the state’s fiscal year on July 1 … tax collections have been better than estimated — $805 million better.” (“Minnesota’s Budget Forecast Projects $641 Million Surplus,” MinnPost, 12/01/2020)

MARYLAND: “The Board of Revenue Estimates voted today to slightly increase the revenue projections for Fiscal Year 2021 by 0.3 percent to $18.8 billion, representing a $64 million increase from the September estimates. Additionally, the Board revised the projection for Fiscal Year 2022 to $19.8 billion, representing a 0.7 percent, or $143 million increase from the previous estimates…. The increases in revenue estimates are due to higher-than-expected sales tax revenue and higher capital gains from an unexpectedly strong stock market this fall.” (Comptroller of Maryland, Press Release, 12/11/2020)

WISCONSIN: “Amidst all that has happened, our state’s fiscal condition has remained remarkably resilient. At the close of the 2019-20 fiscal year, the state maintained a positive gross General Fund balance of $1.172 billion, approximately $380 million above the estimated balance … In addition … the 2019-20 gross ending balance was roughly $85 million more than the ending balance at the end of the 2018-19 fiscal year…. Furthermore, we increased the state’s Budget Stabilization Fund once again in 2020, depositing an additional $105.8 million as was noted in the state’s Annual Fiscal Report in October 2020. This deposit brings the current overall total to an all-time high of $761.8 million …” (“Agency Budget Requests And Revenue Estimates FY2022 FY2023,” Wisconsin Department of Administration, 11/20/2020)

  • “Even after reducing taxes, and despite one of the most sudden and severe economic crises in history, our overall state tax revenues increased by $190 million in the 2019-20 fiscal year over the prior fiscal year…. For fiscal year 2020-21, overall state tax revenues are forecasted by the Department of Revenue to be $17.664 billion, which represents an increase of $132 million above the 2019-20 fiscal year tax revenues. Total state tax revenues are estimated to increase above this revised fiscal year 2020-21 base to $18.017 billion in fiscal year 2021-22, an increase of $352.7 million (2.0 percent).” (“Agency Budget Requests And Revenue Estimates FY2022 FY2023,” Wisconsin Department of Administration, 11/20/2020)

MAINE: “The Legislature’s Appropriations Committee got some good news from economic and revenue forecasters on Thursday: Despite the recession, Maine’s economy is still growing. Last month state revenues were above estimates by $81 million, and for the budget year to date, revenues are above estimates by $227 million. The increase is being driven by better-than-expected sales and personal income tax collections.” (“Maine Revenues $81 Million Above Projections Last Month,” Maine Public, 12/17/2020)


How About A Job-Killing Minimum Wage Mandate That Even Democrats Are Skeptical Of?

CONGRESSIONAL BUDGET OFFICE: “Increasing the minimum wage would affect employment in several ways. Higher wages would increase the cost to employers of producing goods and services. Employers would pass some of those increased costs on to consumers in the form of higher prices, and those higher prices, in turn, would lead consumers to purchase fewer goods and services. Employers would consequently produce fewer goods and services, and as a result, they would tend to reduce their employment of workers at all wage levels. When the cost of employing low-wage workers goes up, the relative cost of employing higher-wage workers or investing in machines and technology goes down. Some employers would therefore respond to a higher minimum wage by shifting toward those substitutes and reducing their employment of low-wage workers.” (“The Budgetary Effects of the Raise the Wage Act of 2021,” Congressional Budget Office, 2/08/2021)

  • Taking those factors into account, CBO projects that, on net, the Raise the Wage Act of 2021 would reduce employment by increasing amounts over the 2021–2025 period. In 2025, when the minimum wage reached $15 per hour, employment would be reduced by 1.4 million workers (or 0.9 percent), according to CBO’s average estimate…. Young, less educated people would account for a disproportionate share of those reductions in employment. (“The Budgetary Effects of the Raise the Wage Act of 2021,” Congressional Budget Office, 2/08/2021)

“Sen. Joe Manchin (D-W.Va.) said Tuesday that he does not support increasing the minimum age to $15 an hour — a critical roadblock to including the proposal in the final coronavirus relief bill. ‘No I’m not. I’m supportive of basically having something that’s responsible and reasonable,’ Manchin told The Hill, asked if he is supportive of a $15 per hour minimum wage.” (“Manchin Says He Doesn't Support Raising Minimum Wage To $15 Per Hour,” The Hill, 2/02/2021)

SEN. KIRSTEN SINEMA (D-AZ): “What’s important is whether or not it’s directly related to short-term Covid relief. And if it’s not, then I am not going to support it in this legislation. The minimum wage provision is not appropriate for the reconciliation process. It is not a budget item. And it shouldn’t be in there.” (“The Most Influential Democrat You Never Hear From,” Politico, 2/12/2021)

SEN. ANGUS KING (I-ME): “If the minimum-wage provision is in the bill with the elimination of the tip credit, it would make it very hard for me to support it…. [A] lot of restaurants are just hanging on by the thread.” (“Minimum-Wage Proposal in Covid-19 Aid Plan Divides Senate Democrats,” The Wall Street Journal, 2/23/2021)


How About Ideological Obamacare Expansions?

“A House panel has advanced legislation to expand the eligibility for Affordable Care Act (ACA) exchange plan subsidies, taking another step toward final passage. The House Ways and Means Committee voted 24-18 along party lines… to approve a section of a $1.9 trillion COVID-19 relief package that includes the subsidy boost…. The bill would require that any household with income 400% above the federal poverty level and higher pay only 8.5% of their income on healthcare costs.” (“House Panel Advances Bill To Boost ACA Subsidies As Part Of COVID-19 Relief Package,” Fierce Healthcare, 2/11/2021)

“Democrats are reviving efforts to expand Medicaid in the latest $1.9 trillion Covid-19 relief package  … [T]he House Energy and Commerce Committee released the details of the legislative recommendations for the budget reconciliation process that Democrats have undertaken to pass the latest relief package. Among the provisions is a new incentive for states that have not yet expanded their Medicaid programs, which provides health care to low-income Americans. The legislation would direct the federal government to pay an extra 5% of all Medicaid costs for up to two years for states that ‘newly expand Medicaid,’ according to the committee’s memorandum.” (CNBC, 2/10/2021)

THE WALL STREET JOURNAL EDITORIAL BOARD: “Enormous sums go to expanding favorite Democratic programs. The package adds $35 billion to pump up subsidies to defray ObamaCare premiums. The bill eliminates the existing income cap (400% of the poverty level) on who qualifies for subsidies, and lowers the maximum amount participants are expected to contribute to about 8.5% of their income, down from 10%. The bill also spends $15 billion to provide a temporary five percentage-point increase in the federal Medicaid match to states that expand eligibility to lower-income adults. This is bait for the dozen or so states that have resisted ObamaCare’s Medicaid expansion, which enrolls working age, childless adults above the poverty line. The political goal overall is to chip away at private coverage on the way to Medicare for All.” (Editorial, “The Non-Covid Spending Blowout,” The Wall Street Journal, 2/21/2021)

  • Provisions of the $1.9 trillion bill moving through the House make Affordable Care Act subsidies more generous and available even to the affluent. Buying an ObamaCare policy makes sense if a subsidy shields you from fearsome premiums and out-of-pocket costs; more than 85% of enrollees receive such a subsidy. But those who earn too much to qualify for government subsidies have been fleeing the exchanges. The Centers for Medicare and Medicaid Services said last fall that unsubsidized enrollment dropped 45% between 2016 and 2019…. Instead of making the underlying product better or less expensive, Democrats now want to pass more of the cost onto taxpayers. More low-income buyers would pay little to nothing for insurance. Democrats would also remove the income cap for receiving subsidies, which is 400% of the poverty line, and reduce a person’s maximum contribution to 8.5% of income from 10%. The ObamaCare ‘subsidy cliff’ is poor policy that punishes Americans for working and earning more, but now government will spend scarce resources on those who don’t need help…. The supersized subsidies would cost $34 billion over two years but that is merely the beginning…. The more generous subsidies will be captured by insurers, who will continue to raise premiums, and the specter of high costs will push lawmakers to intervene again. Rinse, repeat. Smaller businesses may move their workers onto the exchanges instead of offering their own insurance.” (Editorial, “Supersizing ObamaCare Subsidies,” The Wall Street Journal, 2/24/2021)
  • “The House bill also offers a temporary five-percentage-point increase in federal funding to states that decide to expand Medicaid to childless, prime-age adults above the poverty line. This has nothing to do with Covid relief. Texas, Florida and 10 other states declined to expand Medicaid as part of the Affordable Care Act, and that decision looks smart in retrospect. States have spent more money on more enrollees, without improving emergency room visit rates or other health outcomes, while burning a hole in state budgets.” (Editorial, “Supersizing ObamaCare Subsidies,” The Wall Street Journal, 2/24/2021)


How About A Bailout For Pension Funds?

MAYA MacGUINEAS, President of the Committee for a Responsible Federal Budget: “Perhaps most concerning, the House Ways & Means Committee appears to have made space for the pension bailout by only extending expanded unemployment benefits through August, cutting them off a month earlier than President Biden proposed, and many months earlier than they should be. These multiemployer pensions have been on shaky ground for some time and ought to be dealt with transparently, where lawmakers can appropriately finance and reform these plans. The financial status of these funds shouldn’t be addressed in a piece of crisis legislation, and certainly not at the cost of benefits for unemployed workers. Frankly, no member of Congress should be willing to defend this.(“COVID Relief Bill Losing Focus as Details Emerge, Committee for a Responsible Federal Budget, 2/17/2021)

THE WASHINGTON POST EDITORIAL BOARD: “Yet the bill now moving through the House shows signs of losing focus in just that way. Specifically, the House Ways and Means Committee has attached a plan to rescue financially troubled retirement systems known as multiemployer pensions affecting some 10 million people, of whom about a tenth are in the most distressed plans. Though the predicament might have worsened during the pandemic, the pension problem is a perennial with which committee chairman Richard E. Neal (D-Mass.) has long been concerned. … To make this pension bailout fit within the $1.9 trillion budget ceiling suggested by Mr. Biden and enshrined in a budget reconciliation resolution, along with $1,400 stimulus ‘checks’ and other spending items, the committee had to offset the cost by ending a much more vital program — extended unemployment benefits — at the end of August rather than September, as Mr.Biden originally advocated…. Nevertheless, this particular bit of sausage-making illustrates the complications that develop when lawmakers start to stray from straightforward attention to the most urgent Covid-related needs.” (Editorial, “Congress Needs To Focus Its Covid Relief Bill — On Covid Relief,” The Washington Post, 2/17/2021)

THE WALL STREET JOURNAL EDITORIAL BOARD: “The bill includes $86 billion to rescue 185 or so multiemployer pension plans insured by the Pension Benefit Guaranty Corp. Managed jointly by employer sponsors and unions, these plans are chronically underfunded due to lax federal standards and accounting rules. Yet the bailout comes with no real reform.” (Editorial, “The Non-Covid Spending Blowout,” The Wall Street Journal, 2/21/2021)



Related Issues: COVID-19, Jobs, Obamacare, Appropriations