Former Republican Rep. Ron Paul is speaking out about President Joe Biden’s legislation that is set to harm those saving for retirement.
Paul shared his concerns in an op-ed shared in Breitbart News that addresses problems with the so-called Inflation Reduction Act.
— James Cooper (@stratosphere53) January 5, 2023
“I am infuriated. President Biden is attacking American retirement savers with a vicious financial scheme. And the mainstream media is letting him get away with it!” Paul wrote.
“He couldn’t get his ‘Build Back Better’ bill passed last year because everyone knew it would cause more inflation. So he stubbornly pushed it through Congress as a renamed ‘H.R. 5376,’ otherwise known as the ‘Inflation Reduction Act,'” he added.
— Michael MacQuilliam❌ (@MichaelMacQuil1) October 7, 2021
The Taxpayers Protection Alliance campaigned against the plans in 2021 to stop Biden’s efforts.
“Joe Biden’s IRA plan is an attack on the savings and retirements of millions of Main Street Americans. Biden’s plan will eviscerate IRA retirement savings system that millions of Americans have relied on and invested heavily in. This proposal is fundamentally unfair and should be rejected,” the group wrote.
“Any changes to the IRA system will jeopardize trust in the financial system and make life more difficult for average savers and investors. Current IRA plans promise retirement security for people who work hard and save money,” it continued.
“If this disastrous plan succeeds, it will change the rules in the middle of the game, and threaten the long-term savings of millions of Americans and small businesses,” the response added.
Biden admin risks Americans’ retirement accounts to push climate agenda, GOP leaders in 24 states warn https://t.co/8dDIWH58Ax #FoxBusiness MY 401 is down 35% since Biden /DEMS has started this attack on the economy. It is destroying my retirement.
— NYexit (@spalkeen) May 18, 2022
Biden tanking retirement accounts over climate agenda
Some of the concerns also come as Biden has sought to connect retirement accounts with his push for a climate agenda.
GOP leaders in 24 states warned against the issue, with retirement savings such as 401K investments plummeting for Americans under Biden’s administration.
The coming year could worsen as many financial forecasters are predicting a recession or economic downfall for the nation in 2023.
Despite Biden’s claims to care for America’s seniors and retirees, his plans have illustrated the opposite as he puts the savings of the nation at risk for the sake of his radical agenda.