Posted on 10/17/2022 11:27:47 AM PDT by SeekAndFind
We already know that Joe Biden has cost Americans an average of $6,000 in paycheck power from the inflation that has come of his billions and trillions in government spending, including his mockingly misnamed "Inflation Reduction Act" of 2022.
While Biden has at various times claimed that inflation comes from Russia, greedy oil companies, Republicans, or chicken factories, and in any case is transitory, if not zero, inflation is something serious economists recognize as a monetary phenomenon. Inflation, after all, is priced in money, and monetary agencies such as the Federal Reserve print up the cash it takes for all that government spending. The inflation comes from Joe.
But inflation is hitting far more than just pocketbooks and savings accounts — it's also eating away at Americans' retirement savings, in their 401(k)s and other retirement accounts.
Economists Stephen Moore and E.J. Antoni decided to calculate just how much in a column for the New York Post. They did the math:
(Excerpt) Read more at americanthinker.com ...
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.) Many millions of Americans who are living paycheck to paycheck just don’t have the money after paying the inflated bills to save much.
But to add insult to injury, even what has been already saved and invested by older Americans over past years and even over several decades has been erased from these accounts.
Alright. Which one of y’all lost $68k...??
Try $100k+!
But no mean tweets!
✋🏼👍🏼👌🏼👍🏼👌🏼👌🏼👌🏼
Well, if it’s any comfort, even Warren Buffet’s investments are down by $30 billion.
Well, stocks are on sale - ready to buy? Or maybe you want to wait for even lower prices.
Easily 100k+
I refuse to look at my Fidelity account until the Brandon fiasco is over. And I don’t think the market will recover until a Repub is in the White House.
It’ll tank another 20% when Kamala takes the oath of office next year.
Stagflation is here.
Inflation but the economy is in a recession. The housing and real estate buddy is coming.
Perhaps things will improve after the November election. Wouldn’t count on it.
daughter and her hubby are 2 years from etirement...well..they were
For those not recognizing this as resembling 2008 on steroids, it seems they now own a 201.5k not a 401k.
When will Fed stop raising rates?
Seems their rate must overtake and cross the 2 Year Treasury rate.
Example:
https://www.youtube.com/watch?v=8RXDNGmnbVI&t=446s
Anyone who has a 401k and votes Democrat is an idiot.
Add another zero.
My sis and hubby just canceled their 6 week trek across the country due to their multiple retirement accounts taking the hit. Along with gas prices
Money that would be going back into local economies along the way
My future retirement funds are only down 0.1% for the year.
I moved a lot of my investments to stable value funds and doubled my food supplies when that idiot took office.
Be prepared, it is going to get worse.
My wife and I retired with a decent nest egg. We scrimp and save now with the plan of leaving the maximum amount for our nine grandchildren. The DC junta is robbing my grandchildren more so than me.
I wish. With Bidenflation nearly doubting the cost of everything my savings have been wiped out. Sure the digits are still there but the purchasing power is gone. But no more mean tweets.
We’ve already lost $41,000 so far this year. Filthy ice-cream eating bastard.
I’ve lost 27% since the first of the year. My brother who really put a lot into his 401 and other retirement funds passed $250K in loses last month. He hates BiteMe and the people that voted for him the way God hates sin.
Disclaimer: Opinions posted on Free Republic are those of the individual posters and do not necessarily represent the opinion of Free Republic or its management. All materials posted herein are protected by copyright law and the exemption for fair use of copyrighted works.