BIDENS FIRST VETO HURTS YOUR RETIREMENT SAVINGS
Written by Peter Boykin on March 28, 2023
Shared By Peter Boykin – American Political Commentator / Citizen Journalist
BIDENS FIRST VETO HURTS YOUR RETIREMENT SAVINGS
Joe Biden issued his first veto, killing a bill that would have prevented private retirement plans from prioritizing woke ESG investments over maximizing savings for retirees.
ESG stands for Environmental Social Governance – essentially a Communist-style social credit score for businesses that pushes left-wing social/environmental goals by issuing ratings for how “responsible” they are in the three categories above.
In March 2023, both chambers of Congress [including the Democrat-controlled Senate] passed a bill to kill the Biden Department of Labor’s new rule that pushes private retirement plans to consider ESG factors when making investments that affect more than 150 million Americans.
Biden’s veto: Announcing his veto on Twitter, Biden gaslit Americans by saying:
“This bill would risk your retirement savings by making it illegal to consider risk factors MAGA House Republicans don’t like.”
Two problems with his tweet…
‘MAGA House Republicans’ – This bill was passed in the Democrat-controlled Senate 50-46, with Democrats John Tester and Joe Manchin voting for it.
It ‘would risk your retirement’ – This is provably false. The Wall Street Journal analyzed data from the past 10 years and found that investment portfolios that avoided woke ESG investments (+334%) outperformed the market (230%).
West Virginia Senator Joe Manchin slammed Biden’s decision, saying: “President Biden is choosing to put his Administration’s progressive agenda above the well-being of the American people.”
What happens next? Technically, Congress could override his veto with a 2/3 majority, but the numbers aren’t there. So this assault on Americans’ retirement accounts will continue.
[Source: Fox News, WSJ]
https://www.foxnews.com/politics/biden-issues-first-veto-presidency-influence-maga-republicans
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