Posted on 10/16/2022 11:54:52 PM PDT by knighthawk
Inflation has taken an average of 25 percent - at least $2.1trillion - off the 401Ks of American workers, despite President Joe Biden's insistence Sunday that the 'economy is strong as hell.'
The analysis was done by conservative economists Stephen Moore and EJ Antoni, who said that the balance of Americans' 401ks will 'ruin your whole day, week and month.'
Moore and Antoni note that inflation has been going at 8 percent for the past seven months, despite the White House claiming things were temporary.
(Excerpt) Read more at dailymail.co.uk ...
S&P 500 close, 1/20/21: 3,852
S&P 500 close, 10/14/21, 3,583
Perfomance: -7&
Thanks, Dementia Joe
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 ...
Why didn’t people convert to cash once things started going bad. I purchase preferred stock. The value doesn’t rise, but I like getting the quarterly dividends.
I don’t understand how people can listen to the financial advisors and keep their money in the market.
As the saga continues: 81 million alleged votes later....
Yeah, but it’s okay because he’s just doing it to... Uh...
Well, he’s just doing it.
The Biden Administration needs to cut its losses and get rid of those Democrat regulations against energy production. Diesel fuel is going higher. That’s going to bite.
[Inflation has taken an average of 25 percent - at least $2.1trillion - off the 401Ks of American workers]
It’s all good. They can make an extra 1.25% on their savings accounts.
BUILD BACK BETTER!!!
C’mon man!!!
Bkmk
“assured by the White House” ....If that wasn't enough warning ...I don't know what would be..
Yes, retirement accounts are down, how much they are down depends on your investments. People who are retired and live off their savings are in worse shape than people still working. Retired folks, many of which are unable to go back to work, are not able to add money (new capital) to their retirement accounts when the market recovers. They have to be extremely frugal to preserve their capital today so the “quantity” of investments remain intact so that the “value” returns to those investments as the market recovers. That is increasingly difficult. The things retired people buy are inflated the most: food and energy. Just those two things have increased in price much more than the overall inflation rate.
1. Because cash is losing value at roughly 10% per year.
2. Dollar cost averaging in the stock market is by far the statistically best return over time.
Obviously, people closer to retirement should have a higher percentage of cash equivalents in their portfolio.
Joe Biden is wrong pretty much on everything.
Biden and his pro-war cheer leaders...
What Brandon/Obama is doing to me and my country has become personal.
When I vote next month it will be with a depth of hatred that I never experienced in the past.
Meanwhile they continue to parade Biden around eating ice cream cones and telling us the economy is hunky-dory.
It's an insult to our intelligence.
I'm confident the markets will go back up but as you stated, retirees that dip into their retirement account now will never be able to restore that capital and will have less capital to grow when the markets do go back up (sequence of returns risk).
Those, like myself, who are contemplating retirement soon, you are wise to hold off a few more years or at least until you have achieved FRA. This is not a great time to retire early unless you are in a really favorable financial position (I'm talking several million dollars of wealth).
Stolen elections indeed have consequences. We are reaping the whirlwind of not only the most incompetent leadership we have ever had in this nation but an illegitimate one as well.
I’ve lost 35% of my retirement funds just since January. It has taken me over fifty years of self employment to build that up and over a third of it is gone in just ten months.
I dare say, that if Republicans, Independents AND Democrats were to check the status of their retirement accounts, there we be a virtual political bloodbath in a few weeks. But, alas, the faithful media will probably bury this story like the Hunter laptop “this close to an election.”
Gotta save us from misinformation don’t you know . . .
I have posted the reasons on other threads, but to put it in a nutshell:
This is the ‘06 bush era depression level event finally playing itself out.
There have been many chances to bring this in for a soft landing, but 3 presidents failed to do so, and we pay the price today.
Anyway, in the second year of President Trump’s term, I saw the writing on the wall, and positioned myself accordingly.
My return does not keep up with inflation, but I am still seeing positive returns on my investments.
White House claiming things were temporary = Your Money
Now they play the democrat shell game they give you tax credits on things you never want to buy.
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