Biden economy sent retirement funds spiraling, prompting mass bailouts for union pensions

America's pension plans are struggling to meet their financial targets amid ruinous inflation, compromising the retirement of countless Americans. The Biden administration has responded by doling out massive amounts of taxpayer money to bail out retirement funds mostly run by unions.

In 2022, the U.S. economy has had to contend with decades-high inflation figures, brought on in part by large-scale federal deficit spending. In turn, the Federal Reserve has imposed considerable interest rate hikes to combat rising inflation, resulting in substantial market volatility that has adversely impacted individual and professional retirement funds alike.

The U.S. economy in June witnessed a major market fall that saw the erasure of roughly $3 trillion from American retirement accounts. Numerous pension funds have also reported substantial losses.