Trump On Screwing The People

Even if you are an ardent supporter of Donald the Orange you are about to be bent over and hammered hard by the Trump administration…..

First, those people that are collecting unemployment benefits……

White House Economic Advisor Larry Kudlow made clear that the Trump administration will not allow an extension of emergency jobless aid to workers laid off during the COVID-19 pandemic.

“We’re paying people not to work,” the former Wall Street executive declared. “Almost all businesses,” he said, understand that the additional unemployment benefit “is, in effect, a disincentive” for people to get back to work.

Three months ago, Congress passed the CARES Act. While handing vast sums to big business, it included a $600-per-week emergency payment by the federal government to supplement the far lower state unemployment benefits, which are, for example, capped in Michigan at approximately $350 per week.

More than 20 percent of the US workforce—some 36.5 million people—have been thrown out of work because of the COVID-19 pandemic.

https://www.wsws.org/en/articles/2020/06/16/pers-j16.html

On the retirement front…..how many of my readers will depend on a 401(k) for their retirement?

If you do then you had better read this and understand what will happen to your retirement fund……

With the American public’s attention consumed by the Covid-19 pandemic and mass protests against police brutality, the U.S. Labor Department earlier this month quietly gave corporate sponsors of retirement plans something they’ve been agitating over for years: a government green light to invest workers’ savings into funds managed by notoriously predatory private equity firms.

The move, announced on June 3 by Labor Secretary Eugene Scalia, allows large managers of 401(k) plans and individual retirement accounts (IRAs) to put workers’ retirement savings into private equity investments that offer the possibility of huge returns—and devastating losses.

U.S. workers “have socked away $6.2 trillion in 401(k) accounts and another $2.5 trillion in IRA accounts.”

“If just 5 percent of the money in these retirement funds were available to private equity,” wrote Appelbaum, “it would be a windfall of $435 billion—real money even to private equity millionaires and billionaires.”

https://www.commondreams.org/news/2020/06/16/leading-us-retirees-lambs-slaughter-trump-labor-dept-quietly-offers-401k-plans

While retirees are pissing and moaning about being locked down and they cannot get a haircut….Donald the Orange and his thieves are being permitted to rape your retirement fund.

And yet he still has some undying support….I question their mental process….as a wise man once said….”you can’t fix stupid” or maybe I should say “stupid is as stupid does”…..

I Read, I Write, You Know

“lego ergo scribo”

7 thoughts on “Trump On Screwing The People

  1. Investment of retirement funds has often proved disastrous here. I kept my employee retirement plan, refusing to change to an ‘ivestment option’. That might well have increased my pension potential by 50%, but I also risked losing all of it.
    Best wishes, Pete.

    1. But to let venture capitalists raid these funds is just criminal…..I also had a pension as well as my Social Security. chuq

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