It’s bad, Joe —real bad.
According to a report from The New York Post, the average American has lost $34,000 from their 401K retirement funds under President Joe Biden.
From The New York Post:
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 most immediate sticker shock from Bidenflation, of course, has been to shrink real take-home paychecks of workers. 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 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.
Read the full report over at The New York Post:
Today's cover: Average American is losing $34K and everything else on Biden’s watch https://t.co/zooGu77M2N pic.twitter.com/XacZTpypws
— New York Post (@nypost) October 17, 2022