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The
White House will provide financial assistance to multi-employer
pension funds, which are currently projected to become insolvent
in 2026. The funds are created through agreements between
employers and a union, and the proposed financing would keep
them solvent until 2051.
Rising prices have left Biden and Democrats' control of the U.S.
Senate and House vulnerable at midterm elections in November.
Ohio, which former President Donald Trump won in 2020, is the
site of a competitive Senate race in November.
While Ohio's urban areas favor Democrats, Biden has tried to
chip away at Republican dominance in rural areas with repeated
visits and appeals to unionized workers in the state. The trip
on Wednesday will be his fourth to Ohio as president.
Biden's public approval rating is close to the lowest level of
his presidency, with 57 percent of Americans disapproving of his
performance, according to a Reuters/Ipsos opinion poll on June.
28.
His support even within his own Democratic Party has declined.
The poll found 72% of Democrats approved of his performance,
compared with about 85% in August 2021.
When Biden visited Ohio in May, he promised to bring back jobs,
rebuild the state's manufacturing industry and withstand
competition from China.
That message suffered a recent setback as Intel Corp postponed a
July 22 groundbreaking for a computer chip plant near the state
capital of Columbus, after a planned investment of more than $50
billion in the semiconductor industry stalled in Congress.
As inflation has become a top issue for voters around the
country, Biden's administration has pushed back on recession
fears, arguing that it is possible to curb inflation without
causing a major economic slowdown.
(Reporting by Nandita Bose in Washington; Editing by Kieran
Murray and Bradley Perrett)
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