This is yet another example of Biden paying off his friends — at our expense.

The Teamsters pension fund is the pension plan for over 400,000 current and retired truck drivers and other workers represented by the International Brotherhood of Teamsters union. The plan has been severely underfunded for many years, meaning it does not have enough assets to cover all of its promised pension benefits. This is largely due to a combination of factors, including declining union membership, willful ignoring of problems, changes in the trucking industry, and poor investment performance.

If the pension plan were to become insolvent, it would mean that many retirees would face a significant reduction in their pension benefits, and some could even lose them entirely. This would have serious consequences not only for the affected retirees but also for the Pension Benefit Guaranty Corporation (PBGC), the federal agency that insures private-sector pension plans. The PBGC would be responsible for paying out the pension benefits, up to certain limits, if the plan were to fail.

But Biden stepped in — with our tax dollars.

While they’ve known for years that the Teamsters retirement plan was going broke, nothing was done.

The union and some members of Congress have demanded a federal bailout of the plan, arguing that it is a matter of fairness and that the government has a responsibility to protect workers’ retirement security. Some opponents of a bailout have argued that it would set a bad precedent and encourage other troubled pension plans to seek government assistance.

But now it’s a done deal.