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Don’t buy Team Biden’s Orwellian 401(k) gaslighting

New York Post logo: MainLogo New York Post 3/21/2023 Post Editorial Board

Good news, Americans! President Biden is here to protect your retirement funds from “extreme MAGA limitations”!

Formerly known as the rules requiring fund managers to seek out the best returns for your pension or other retirement savings.

Welcome to the new Newspeak, where basic fiduciary duty is somehow fascism-adjacent. 

Biden’s Labor Department recently issued a rule to let fund managers use so-called ESG metrics when investing your funds.

That lets them prioritize the liberal agenda (climate alarmism, for example) over actual returns.

For the record, eight of the 10 biggest ESG funds underperformed the S&P average last year; the other two basically matched it.

The Labor Department move, that is, eviscerates the decades-old rule that retirement funds aim to maximize returns.

That’s why the Democratic Senate passed a House-approved bill to block it.

Yet Biden vetoed that bill Monday, claiming that not sinking your money into woke companies “would put at risk the retirement savings of individuals across the country.”

More, his Twitter account outright lied, insisting the bill would make “it illegal to consider risk factors MAGA House Republicans don’t like.”

Nope: It only stopped them from ignoring realities the left dislikes.

It’s Biden and his allies risking your retirement via investments in economically dubious but politically favored businesses.

It was bad enough when he called his disastrous Afghan bugout a “success.” Now he’s claiming to “protect your hard-earned savings” by issuing a license to loot them.  


New York Post

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