Joe Biden has pledged many times that he will not cut Social Security and Medicare benefits—and has even accused Republicans of a secret plan to cut these programs for seniors. But the real risk to the financial security of Americans in retirement comes from Biden’s anti-growth welfare, regulatory, tax, and employment policies that will reduce GDP, growth, work, and wages. Real wages have fallen during his administration while real returns on many investments turned negative. The Committee to Unleash Prosperity recently released a report measuring the financial losses in retirement savings plans, finding a loss of $4 trillion since President Biden’s inauguration (Moore and Antoni 2022).