Posted on 10/16/2022 8:38:58 PM PDT 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 ...
"1) Start with a large fortune".
Well, they are “transitory.”
“Transitory” all the way to Depression II.
Tell him that Mayor Pete bragged about Joe’s accomplishments.
If you ever see him again.
The economic destruction of the economy and financial security for Americans is just added to Traitorjoe’s and the Demonicrats’ many acts of giving aid and comfort to the domestic and foreign enemies of the United States. There can be only one sentence for these traitors following their trial and conviction.
They don’t need to raid your 401k...they just need to spend like crazy and devalue it. Same outcome.
And I’ve lost a hell of a lot more than $34K.
But, but, but….Muy best economy ever! Come on jack!
Exactly the point that so many miss.
If they can’t TAKE it, they can DESTROY it - either way, you’ll end up fully under their thumbs.
And hey, just wait until the IRS gets ramped up to take even more of your hard earned money.
Is this a great country or what? I mean, what’s left of it!
Double whammy - loosing savings, while loosing on inflation.
But, they claim the old canard, they will save our social security?!
“Average American is losing $34K and everything else on Biden’s watch”
I thought the average American didn’t have $400 in savings to cover an emergency.
New headline:
Average American can’t pay for replacement EV battery but has enough to buy a can of gas and a burger - forget the fries.
You will have nothing and you will like.
Build back better
fail fail
p
With news like this we should be seeing a Reagan moment here in election results. Should but we have the Democrat cheat machine.
“A year ago we were assured by the White House”
You would accept assurance by the White House of anything? Like that the embassy in Kabul would not look like Saigon?
And why would a writer good enough to be in the NY Post use the passive voice anyway?
Buy gold. Bullion, coins, jewelry. Keep them in a box. Hide the box. Keep your guns locked and loaded, except when cleaning them.
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