Sen. Gary Peters has repeatedly agitated for a federal bailout for his home state, indirectly seeking a rescue for the pension system that pays the millionaire Michigan Democrat five figures annually.
Financial disclosures reveal that Peters collects more than $50,000 a year from the Michigan state pension fund, a benefit accrued thanks to his eight years in the state legislature. Peters has given no sign he will forgo these payments even as nearly 900,000 Michiganders have lost their jobs in the last two months.
Peters’s payments contribute to the obligations of the Michigan state pension system, which ranked as only the 31st-best funded in the nation. Peters and his Democratic colleagues have pressed for billions in federal dollars to shore up states’ revenue streams—money, congressional Republicans have argued, that would help state governments paper over irresponsible management of their retirement schemes.
Peters supporting a bailout that could affect his own paycheck raises questions about whether his advocacy constitutes a conflict of interest, especially in light of his substantial net worth. His office did not respond to questions from the Washington Free Beacon as to whether he was concerned about this potential conflict or whether he intended to forgo his pension payment or congressional salary this year. – READ MORE
Listen to the insightful Thomas Paine Podcast Below --