That’s the standard to which pensions have historically been held. Managers have a fiduciary duty to focus on one thing: The financial good of retirees.

When, for example, a state treasurer is making decisions about the future retirements of school teachers and firefighters, politics should be left out of it. Retirees and their widows and orphans deserve nothing less.

The president’s veto sided with the big boys and against the little guys—and with woke politics over faithful fiscal management.