WND is now on Trump’s Truth Social! Follow us @WNDNews
Joe Biden’s extreme agenda regarding the economy – killing American energy production and move into reliance on enemy states, condemning gasoline-powered vehicles in favor of ultra-expensive battery cars, and more, has cost Americans trillions of dollars.
That’s trillions of dollars that used to be in their retirement accounts and now – is gone.
It’s all tied to the crashing American stock market under Biden’s agenda.
Under President Reagan, that market was up 25%, under George H.W. Bush 50%, under Bill Clinton 75%, and it fell under George W. Bush, 13%, largely because of the cataclysmic 911 tragedy.
Under Barack Obama it was up 83% in eight years. Donald Trump was en route to a better performance, up 67% in just four years.
Under Joe Biden, it’s fallen.
Actually collapsed, according to a commentary from Stephen Moore and E.J. Antoni.
They reveal, in the New York Post, that the average American has lost $34,000 under Biden.
That’s certainly a small amount for the Biden family business operations, with their millions and millions of dollars in income from various overseas sources, but for families on a salary with a mortgage and college bills, it’s a lot.
The Post commentary said, “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. Here’s why: We’ve now had seven straight months of 8%+ inflation. A year ago we were assured by the White House economic wizards 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 report explained the most immediate shock for American families was that inflation has eaten away much of the buying power of a paycheck.
“We have calculated that over the past 20 months, 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 that’s not the only impact.
“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 U.S. 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.”
“Tie it all together and we calculate that since the start of this year, 401(k) plans have suffered $2.1 trillion in losses. The average 401(k) plan had over $135,000 at the start of this year. Today, those assets have shrunk on average to about $101,000,” the analysis confirmed.
For those doing better, and perhaps in possession of a 401(k) plan worth $300,000? They have lost $75,000, so far.
Traditional pension plans’ value also is down some $4 trillion from the beginning of the year.
The report warned, “A year ago, the White House insultingly tweeted out that inflation is merely ‘a high-class problem.’ Wrong. The victims of ever higher prices at the store and the gas pump are not the millionaires, but the little guys — and, in particular, older Americans — whose paychecks and savings accounts get walloped.”
EDITOR’S NOTE: With what has been called the “Sovietization” of the Biden administration – including the shocking criminalization of dissent and massive weaponization of the FBI against political opponents – America is being increasingly compared to a third-world or communist dictatorship. Yet America still has one sacred institution that dictatorships from Zimbabwe to communist China don’t have: ELECTIONS. And in reality, there is no reason, despite the regime’s all-out efforts at election rigging, that the tens of millions of decent, right-thinking American voters cannot stop the Biden administration’s ever-expanding madness this November. For that reason, the September issue of WND’s critically acclaimed monthly Whistleblower magazine insightfully covers the most electrifying and important races, illuminates the biggest issues, reveals how the latest federal takeover of elections actually violates the law, and much more. Looking forward to 2024, the issue also highlights why, to quote the chairman of a major think tank, Donald Trump “is the most towering political figure in living memory” and the person “most fit to lead” today’s America. It’s all in “STOPPING THE MADNESS: A MIDTERM ELECTION GUIDE FOR VOTERS WHO LOVE AMERICA.”
For 25 years, WND has boldly brought you the news that really matters. If you appreciate our Christian journalists and their uniquely truthful reporting and analysis, please help us by becoming a WND Insider!
Content created by the WND News Center is available for re-publication without charge to any eligible news publisher that can provide a large audience. For licensing opportunities of our original content, please contact [email protected].
SUPPORT TRUTHFUL JOURNALISM. MAKE A DONATION TO THE NONPROFIT WND NEWS CENTER. THANK YOU!
This article was originally published by the WND News Center.