Despite his own union’s complicity in driving contributory employers out of business, Teamsters’ boss James P. Hoffa wants Congress to increase taxes more to fund the retirement millions of union members.
After decades of making poor investment choices–including, in some cases, loaning money to the mob–and seeing hundreds of unionized employers go out of business, the Teamsters (and other unions) are facing ticking time-bombs with their underfunded union pensions.
This has prompted the unions like the Teamsters, the United Mineworkers, as well as other unions to press for a tax-payer funded fix, in the form of loans, from Congress.
In an interview with FOX Business’ Maria Bartiromo, Hoffa lumped the Teamsters’ failing pensions with other publicly-funded entitlements, arguing that “we” need to fund everything or else there could be a “revolution.”
“People can’t work 40 years, promised a pension and then you pull the rug on them – that’s wrong. People deserve pensions,” Hoffa said.
Oddly, Hoffa does not face the same pension problems as his members do, as his pension—and the pensions of other union bosses—are paid for by union members’ dues and are fully funded.