As Democrats Take Over Senate, Personal Finance Hangs in Balance
Here’s the potential impact on tax policy, retirement savings, student loans, support for caregivers and Covid-19 assistance
President-elect Joe Biden campaigned Monday in Georgia to support the Democratic candidates for the U.S. Senate. Photo: Carolyn Kaster/Associated Press By WSJ Staff Updated Jan. 12, 2021 10:34 am ET
This week Democratic candidates won both runoff races in Georgia and took control of the U.S. Senate. That marks a sea change in Washington and potentially the financial lives of Americans.
With Democrats in control of the White House and Congress for the first time in more than a decade, President-elect Joe Biden’s legislative agenda will face less opposition. Here’s what to watch for in laws and provisions in the months to come.
Biden builds out Cabinet with choices for Commerce and Labor secretaries Bart Jansen, USA TODAY
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President-elect Joe Biden announced Thursday his choices of Rhode Island Gov. Gina Raimondo to lead the Commerce Department and Boston Mayor Marty Walsh to head the Labor Department.
In fleshing out his economics team, Biden also named:
• Isabel Guzman to head the Small Business Administration. She is a former senior adviser and deputy chief of staff at the agency who is now director of California s Office of the Small Business Advocate.
• Don Graves to serve as deputy secretary of Commerce. Former President Barack Obama put Graves in charge of helping revive Detroit when it grappled with bankruptcy by working with municipal, state, business, and community leaders. Graves is a former executive director of the President’s Council on Jobs and Competitiveness and deputy assistant secretary for small business, community development, and h
Rachel researches and analyzes taxes, Social Security, disability insurance, and pensions to promote economic growth. Enacting reforms now would be less distressing and cost far less than waiting until millions of workers lose their pensions. Richard Sharrocks / Getty Images
Key Takeaways
About 10.8 million U.S. workers and retirees participate in one of nearly 1,400 multiemployer or private-sector union pension plans.
Retirees’ pensions, as well as federal taxpayers’ dollars, are on the line. Yet Congress has once again kicked the can on delivering much-needed reforms.
The next Congress and administration must refuse reckless and risky taxpayer bailouts and instead correct past wrongs and minimize pension losses.
How the new Congress and administration can protect pensioners, taxpayers Follow Us
Question of the Day
ANALYSIS/OPINION:
About 10.8 million U.S. workers and retirees participate in one of nearly 1,400 multiemployer or private-sector union pension plans. The majority of those plans are in serious trouble.
Retirees’ pensions, as well as federal taxpayers’ dollars, are on the line. Yet Congress has once again kicked the can on delivering much-needed reforms.
It’s not just a few smaller plans that are underfunded. Three out of every four participating workers and retirees are in plans that are less than 50% funded. Some major plans will fail within two years.