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Average American is losing $34K and everything else on Biden’s watch
New York Post ^ | October 16, 2022 | Stephen Moore and E. J. Antoni
Posted on 10/16/2022, 11:38:58 PM by John W

Have you taken a peek at the balance in your 401(k) retirement accounts lately? Here’s our advice: Don’t bother. It will ruin your whole day, week and month.

We’ve now had seven straight months of 8%+ inflation. A year ago we were assured by the White House that these rapid price increases in everything from groceries, to rental cars, to gasoline at the pump, to health insurance were merely “transitory.” Whoops.

The most immediate sticker shock from Bidenflation has been to shrink real take-home paychecks of workers.

This rise in consumer prices over wages means that the average family in America has lost nearly $6,000 in purchasing power. This from the Lunch Bucket Joe president who promised to help boost the incomes of the middle class. When, exactly?

But this pay-cut effect on family incomes is only part of the curse of runaway inflation.

We’ve just completed an analysis of how the highest inflation rate in almost 40 years has impacted the retirement funds of ordinary Americans.

Not surprisingly, since President Biden took office, monthly savings have collapsed, falling 83%. (We could never understand how Biden could say with a straight face that Americans are saving more. His “transformation” of the US economy has had just the opposite effect.)

Adding insult to injury, even what has been already saved and invested by older Americans over years, even over several decades, has been erased from these accounts.

Thanks to the thief of inflation.

Most of the 150 million Americans with one form or another of retirement savings have invested the majority of those tens of thousands of dollars in stocks. The major stock indices are all way down since Biden came into office.

(Excerpt) Read more at nypost.com ...