 So you'd think that since President Joe Biden's approval rating is currently in the toilet He'd be trying to find some way to restore trust in his administration by I don't know doing something Canceling student debt maybe a little bit to excite young people Trying to fight a little bit harder to reauthorize the child tax credit Which wasn't just helpful to American families, but was extremely popular But he's seemingly going in the opposite direction and spitting in the faces of the American people by once again Going back on a promise he made during the campaign trail So Donald Trump's administration was trying to allow private equity firms to raid our 401ks and Biden to his credit on the campaign trail spoke out against that and said as president I wouldn't allow that to happen fast forward to today. And can you guess what he's doing? Exactly what he said he wouldn't exactly what Donald Trump did So this story is from David Sarota of the Daily Poster and he explains when former president Trump paved the way for his private equity donors To skim fees from Americans 401k retirement accounts Joe Biden's campaign denounced the stealth executive action and promised to oppose such changes if he won the presidency But less than two years later Biden's administration just quietly cemented that same Policy delivering a gift to the Democrats own finance industry sponsors even as federal law enforcement officials are warning of rampant malfeasance in the private equity industry at issue is a Trump Labor Department ruling in 2020 that authorized retirement plan administrators to shift worker savings into high-risk High-fee private equity investments despite regulators long-standing interpretation that federal laws prohibited such moves Trump Labor Department officials touted the reinterpretation as a way to quote help Americans saving for retirement gain access to alternative investments That often provide strong returns. Yeah, right the letter followed Blackstone group CEO Steve Swartzman a Trump advisor and major donor to his Super PAC saying that accessing the seven trillion dollar in Americans 401k was one of his company's top goals I wonder why but rather than rescinding Trump's ruling Biden's own Labor Department appears to have cemented the Trump directive in a new Supplemental letter being hailed by finance industry lawyers Though the new letter does include warnings about the risks of private equity it avoids rescinding the Trump initiative on the contrary it explicitly affirms that retirement administrators with experience evaluating private equity investments may be suited to analyze these investments for a 401k plan particularly with assistance of a qualified fiduciary investment advisor Oh, well, I'm sure that nothing will go wrong Nothing bad will come of this by allowing private equity firms to basically gamble away our retirements even more What could go wrong? I've got to say that I saw the perfect meme on the late-state capitalism subreddit that really characterized How big of a scam 401ks are it says and then I convinced them to use their retirement funds to pump up our stock Now they can't even strike or rebel against corporations without losing their life savings Exactly and they got what they wanted but even that wasn't enough because now these private equity firms want to gamble with our money even more It's absurd to think that Whether or not you'll be able to retire will be contingent on the health of our stock market. That's that's insane But here we are and That's still not enough for them. They want to bleed you even more dry than they already have Now these private equity firms Wall Street, they want to gamble with your retirement possibly fucking you over even more Now what's interesting is that the Supreme Court our far-right extremist Supreme Court Handed people a little bit of a victory surprisingly So last week the conservative dominated US Supreme Court Handed down a ruling empowering 401k holders to sue finance executives that invest their savings in inappropriately risky or predatory private equity investments However, Biden's Labor Department has effectively blessed such investment strategies indeed Industry lawyers and investment executives are already celebrating the letter as a precedent-setting ruling potentially opening Trillions of dollars of Americans for retirement savings up to higher fee investments Yeah, and the sad part is that I'm sure that a lot of Americans if not most of Americans won't even know about this How many of you knew about Trump doing this? So I'd argue that even a smaller amount of people will know about this. They just will find out once they realize that Their retirement funds have been looted. It's just truly ridiculous Oh, I don't I don't even envision a future where I can retire Thankfully, I'm one of the lucky ones who talks for a living so I can just work and this work is easy But how many millions of people Are stuck working at these shitty dead-end job jobs I mean I when I was working at Walmart some of my co-workers were in their 80s couldn't retire had no retirement. I Mean imagine that working at a retail job that you hate where the public treats you like fucking shit in your 80s Can't even retire. It's just it's it's unethical in the richest country on the planet Democrats are gonna get wiped the fuck out of November. I mean, I think that's pretty obvious I think they are expecting that and I think that they're welcoming it They want to get wiped out. It seems like there's no other explanation Biden has been fucking up left and right and he's not even trying to change the direction currently Just leaning in to all the worst instincts in DC And it's gonna be a bloodbath and when they inevitably lose in November at least one branch of congress Guess who they're gonna blame. They're gonna blame you You didn't come out and deliver a victory for democrats Obama's gonna come out and make a speech about how oh well Yeah, you were disappointed in Biden, but now look now republicans are even worse It's just it's gross, but we already know Anticipate the bloodbath expect blame And you know, that's the way it goes. That's the modern democratic party Just fucking dog shit completely dog shit useless seat warmers