Posted on 03/08/2023 3:35:13 PM PST by Libloather
Progressive Democrats pushing the ESG (environmental, social and governance) agenda are focused on controlling the private decisions and beliefs of millions of Americans. Worse, they are increasingly willing to lie about what ESG is in order to gaslight Americans into compliance, or at least apathy toward this massive scheme.
Take Senate Majority Leader Chuck Schumer, D-N.Y., who recently penned a Wall Street Journal op-ed with this headline, "Republicans Ought to Be All for ESG."
Schumer was expressing his support for a recent Labor Department rule allowing retirement fund managers to use workers’ savings to advance leftist political goals. Before rounding on Republicans, though, Schumer should check with his own party. As Senator Joe Manchin’s (D-WV) website states – "the Biden Administration’s ESG rule . . . prioritizes politics over getting the best returns for millions of Americans’ retirement investments."
Obviously, that’s a terrible idea.
So, House Republicans have passed a bill to nullify the rule which subsequently passed the Senate on a bipartisan basis. President Biden will likely veto it. Why?
Well, Schumer deceptively claims that Republican opposition to this ESG is really an attack on "free markets." Rest assured – Schumer knows this argument is false. Whether the effort to nullify this ESG rule succeeds or fails, investors will be free to invest their own monies in any manner they choose, to support any cause they choose, or simply to generate a return. The bipartisan effort to nullify the rule would only prevent progressives from conscripting other peoples’ money to advance their leftist political goals.
Democrats also claim their ESG rule is necessary to clarify a Trump-era rule dealing with ESG investing under the Employee Retirement Income Security Act (ERISA). The Trump rule confirmed ERISA’s mandate that those managing retirement assets must do so "for the exclusive purpose"...
(Excerpt) Read more at foxbusiness.com ...
Those monumental decisions take time … a whole term or two at least.
ESG? Ain't nobody gots time foh dat!
Stinking communist bastards continue to run roughshod over the servile & indolent Aamerican sheeple...
There are no limits to tyranny...
There is no end in sight!
These two dinosaurs are denying young Americans the liberties the two #s enjoyed and maliciously exploited.
same thing is happening in Australia and no doubt UK and elsewhere.
it is the biggest story of our time and only Trump stood in their way.
when Biden won, first day he cancelled the Keystone pipeline and re-entered the Paris Climate Accord. the world media reported both actions gleefully and added that multiculturalism was back and American money was back on the table.
all efforts should be focused on ESG and its progeny - social justice, in all its forms.
instead, people are sweating over the little things.
It is your freedoms and liberties that have allowed them to get this far.
And what does this do to the concept of “fiduciary duty” in relation to those to whom you rely on for your investments, retirement, etc? It will totally destroy it and be prepared to kiss every penny of your savings GOODBYE. Sic Semper Tyrannus.
I thought Vanguard was bucking ESG? Any recommendations on which mutual fund families to avoid? I’ve heard to avoid Blackrock.
No.
Hey Puzder, have you stopped beating your wife?
See my tagline, just revised.
LOL! What retirement savings? After 20 years, there isn’t any left.
People have abdicated their responsibilities to providing for themselves. The vast majority of people are financially illiterate. They are tools of the establishment to be abused. When people are educated about finance they are a threat. We certainly cannot have that. No, we should put our trust in government and Big Banks. They are, after all, our munificent benefactors and have our best interests at heart. They prove that everyday.
You like Your Doctor
You can Keep your Doctor!!!
If your IRA is in a brokerage account, you can buy whatever stocks you want. Chevron, Altria, etc, etc.
After 20 years of investing you should have a tidy sum if you are investing 10-20% of your paycheck in the market.
The S&P 500 went up on average 8.9% annually over the last 20 years.
I had no separate investment for retirement. I worked for NY State, and had to contribute to their retirement fund every two weeks. When I retired at age 56, having 33 years in the system, I took a reduced monthly check so that if I died within 15 years, whatever was left, would be split between my two sons. Based on my family's history, I never expected to live those 15 years. I'm now in my 20th year of retirement, which means even if anything was left, it wouldn't go to my sons. I'll be 76 in August. As the baby of the family, I outlived everyone else. I've also lived longer than the State expected me to when they formulated my monthly payout. When I retired in 2003, the State's average life expectancy for you was 15 years. I still get a pension check each month. There just isn't any of the original money I contributed left in my retirement fund.
“I had no separate investment for retirement”
Ouch. Good luck to you.
What happened to the S&P from 1/2020 to now?
401k’s and IRA’s took a beating...
You have to be willing take some risks and down years to be an investor. We also will likely see reduced returns going forward if liberals continue to run the government. Of course markets did decent during the Obama years so one can never tell.
Best strategy is to invest 10-20% of your paycheck over decades and leave it alone.
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