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 ...
I have no financial worries. I'll continue to get my pension and social security each month until I drop dead. I live very comfortably on it. My sons can split my life insurance. I've never owned a home, no stocks or bonds, have no pets. I have no financial complications, so there's nothing important that my kids will have to deal with when I'm gone.
For many folks the investing of 10-20% of the paycheck has already been done, and they are now retired.
They will not have enough time to recoup losses incurred in down years.
Definitely. You invest 10-20% over 30+ years into a diversified portfolio, let it sit and your work is done. Those that might try to gamble their way into building a retirement nest egg at the last minute are fools.
If the retired investor already has the diversified portfolio that was invested over 30+ years, and it consists of stocks, bonds, and money market funds, and the rising interest rates clobber the bonds, and the investor fears etc clobber the stock market, then that investor will not have time to recoup his losses.
Put your savings into gold and silver.
I was heavily invested in the stock market for years and years. Maybe 80%+. I retired in my early 60s. I have maybe 45% in stocks now many in high dividends stock index funds. Lots of cash and some bond mutual funds.
It’s good to continue to retain some stock investments to offset inflation. But yes there are always risks of crashes that can happen at any time. You don’t want to harvest income from crashing stock funds. Never invest in stocks monies that you will need in the next 5+ years etc.
The hardest thing was the sacrifice to save the money in the first place. Many can’t do it, make up excuses, etc. But it was worth it to be able to retire at the same standard of living.
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