A new analysis by conservative economists shows the average American has lost $34,000 from their retirement savings plan since President Joe Biden took office.
The news comes as Biden spent time at an ice cream shop over the weekend, munching on a chocolate chip waffle cone and telling reporters that the economy “is strong as hell.”
Economists Stephen Moore and EJ Antoni published their report in the New York Post, warning readers that a peek into their 401(k) plans “will ruin your whole day, week and month.”
Their analysis shows the average retirement plan is down about $34,000, which they note is “more than 25% in less than one year!”
Worse, the purchasing power of those plans has decreased significantly, down another $5,000, due to inflation.
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
RELATED: Report: Americans’ Retirement Accounts Have Lost Trillions – TRILLIONS – In 2022
Under Biden Your Retirement Plan is Lost
Moore and Antoni argue that under President Biden, lost finances in retirement plans are hurting the little people the most.
“A year ago, the White House insultingly tweeted out that inflation is merely ‘a high-class problem,'” they write. “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,” they add.
To that point, they estimate retirement plans in all have lost $2.1 trillion – that’s trillion with a ‘t’ – while monthly savings have “collapsed” by 83%.
Joe Biden’s big-government inflation is costing families thousands of dollars each year. And in Kansas, Laura Kelly keeps piling on more by:https://t.co/Pnjloew9IW
— Derek Schmidt (@DerekSchmidtKS) October 17, 2022
In summary, the economists state Biden’s inflationary disaster decimating your retirement plan – now over 8% for seven straight months after they told Americans it was “transitory” – is comparable to theft.
“It’s not exactly the same as a bank robber with a gun stealing a quarter of the money in your bank account,” they surmise. “But at the end of the day, Bidenflation has had the exact same unhappy result.”
This is what happens when you put someone incompetent in charge. https://t.co/evJHnj6jAv via @nypost
— Mr Bill (@MrBill_Runner) October 17, 2022
RELATED: Is Trump A Modern Day Nostradamus? Watch His Prediction Of What Would Happen If Biden Won
Is Biden Worried? Nah
President Biden, also over the weekend, dipped into a Baskin Robbins in Oregon and talked about the booming economy with reporters.
“I’m not concerned about the strength of the dollar, I’m concerned about the rest of the world,” he said.
Of course, as an America last globalist, why wouldn’t he be?
“Our economy is strong as hell,” Biden added, his brain seemingly frozen from the ice cream he was feasting upon.
Joe Biden saying, “Our economy is strong as hell,” while eating an ice cream cone is so tone deaf and out of touch to what Americans actually see in their lives that it feels like the Democrats are intentionally tanking the election. pic.twitter.com/blkc4omdhd
— Clay Travis (@ClayTravis) October 16, 2022
The latest report tracks closely with others over the summer that estimated Americans’ retirement savings accounts have lost upwards of $3.4 trillion in total.
“The #stockmarket decline is undercutting retirement saving” latest @MarketWatch
blog post by CRR Director Alicia Munnell: https://t.co/8R1yuEr7YP #401k #IRA #RetirementSavings— CRR Boston College (@RetirementRsrch) June 21, 2022
When asked over the summer whether the White House was concerned about Americans having their life savings wiped out, press secretary Karine Jean-Pierre bragged about the economy.
“We are incredibly focused on doing everything that we can to make sure that the economy is working for every — American people,” she said. “But we are coming out of the strongest job market in American history, and that matters.”
Q: “What is the president’s message to somebody who might wanna retire, but their 401k is getting wiped out?”
Karine Jean-Pierre audibly sighs, then says Biden is “incredibly focused” on the economy. pic.twitter.com/vd0TDUC58J
— RNC Research (@RNCResearch) June 13, 2022
Meanwhile, former President Donald Trump tried to warn people what would happen if Biden ever set foot in the White House.
“Your 401(k) will drop down to nothing, and the stock market will drop down to nothing,” he cautioned.
Trump has a stock prediction if another president is elected: “Your 401(k) will drop down to nothing and the stock market will drop down to nothing.” https://t.co/aFnEUThVkD
— MarketWatch (@MarketWatch) July 3, 2020
Trumpstradamus.
While Biden feels the economy is “strong as hell,” several recent polls show just how out of touch with reality he truly is.
78% of Americans in a CNN poll rate the economy as “poor.”
Another 57% in a Harvard CAPS/Harris poll say their financial situation is actively getting “worse.”
Biden is under water on his handling of the economy by a consistent 20-point margin, and Americans say Biden is hurting instead of helping the economy by a 19-point margin.
