Congress currently has no plan to stop this from happening. So naturally, Joe Biden has decided that now is the time to play politics with private retirement funds.In November, the Department of Labor issued a rule allowing"plan fiduciaries to consider climate change and other environmental, social and governance factors when they select retirement investments and exercise shareholder rights, such as proxy voting.
Sen. Mike Braun and Rep. Andy Barr have initiated the procedure to roll back the rule, but thanks to the Republicans' anemic performance in the midterm elections, there's no way their joint Congressional Review Act proposal ever makes it to Biden's desk for a veto. Even so, Democrats would be wise to consider the very real political implications of the DOL rule, and why Republicans might actually be trying to save the Democrats from themselves.
Let's do some simple math. Even with the recent good news of inflation abating slightly, prices are up nearly 14% since the start of Biden's presidency, 3.5 times what the Federal Reserve considers acceptable price inflation. Meanwhile, credit card balances have exploded by 15%, the highest rate since the Great Recession, and stock markets are down some 20% from what they were at the start of this year. On top of all of this is the previewed Social Security disaster.
In short, Americans in general cannot afford to retire. Hell, thanks to school closures, for years of COVID, many of them could not even afford to work. All of this has gotten markedly worse under the Biden administration, and somehow, his Labor Department seems keen to undermine the last bulwark of the American dream: people's private retirement funds.
If Republicans stop distracting voters with election denialism nonsense, the voters will wake up and realize just how far their financial fortunes — today and in the future — have fallen under Biden. Perhaps Democrats will beat them to the punch and walk back the Labor Department's rule, which is actually cruel to the least privileged who need retirement money most.
TianaTheFirst mereka memainkan politik kebangsatan.... untuk hancurkan indonesia seperti dimasanya berkuasa....
TianaTheFirst Too late it is done
TianaTheFirst Agree⬆️. And Republicans must end their efforts to reduce Social Security&Medicare benefits for retiree’s.
TianaTheFirst Democrats spreading communism... Shocker!
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