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.
Americans must not have saved much for retirement. My 457b lost $145,000 since Sleepy Joe took office.
I wish I only lost 34k. I am down almost 40%.
wow I thought I had an aggressive investments portfolio but I am only down 25%
We’ve lost about $150,000 of net worth. Which is devastating. We made big sacrifices like no vacations for 10 years, driving old cars, etc. I have life long chronic health issues so we save and invest like crazy so we will have enough money if I need assisted living. The Dems do not care. It is really sick what is happening.
Good for all you “averages”. I’m down 100K, and that’s after dumping another 10-20K into IRAs and 401k since Brandon’s coup.
I’ve lost enough that I’m NOT going to vote for anything Democrat !!!!
This in from Biden, No I didn’t and anyways its happening all over the world like the rash in monkey pox.
If the American has really losing that much, it is because he is very incompetent. Will his son pay for what he did? Just as we are paying from our retirement, shouldn’t Biden son
pay for his involvement in drugs, not to mention giving up his lap to the feds. We the people deserve to know what Is really in that Laptop. Will we ever find out? Is Hunter or Biden above the ”LAW”? Ever since Biden TOOK OVER PRESIDENT TRUMP JOB, our country has gone downhill. Our country has lost faith and value with other countries. I have never seen our monies spent so fast; $Trillions upon $Trillions are being spent unnecessarily. What are the Democrats spending it on? I see Nancy giving millions to her Democratic Party and forget about SORROS, he gives a hell of a lot more than Nancy. What the hell is going on??? Please someone PLEASE enlighten me as to what is happening with these $TRILLIONS. WHAT OR WHRE ARE THESE $TRILLIONS BEING SPENT ON?
I’ll bet some goes back into Soros pocket, for him to interfere in the next Election. And some into Nancy’s investment portfolio.
He is destroying people’s retirement.. HOW much more do we lose before someone fixes this mess.. HOW many more families is this nightmare in the white house going to drive into poverty…. with this horrible president in office, I fear My (and other’s ) retirement will be gone… He is damaging everything he touches… God help us all before he totally destroys the country and the the American people.. He has his money and you can bet he is living high on it and our tax dollars while we suffer with the losses he has caused!!! He continually lies to the American people as the country is being ripped apart and driven off a cliff ..
87,000 IRS agents are standing by to help you.
It’s absolutely true. We’ve lost over $30,000 in the last year. My husband finally pulled his and put it in a saving account. I taught school and he worked in a city mid-management position. Now we’re both starting to have medical problems and don’t know if we should retire and lose our insurance. We’re old and have worked a long time. We’re tired. Thanks for making the golden years not quite so golden, Joe.
W.O.R.S.T. P.R.E.S.I.D.E.N.T. E.V.E.R.
I’ve lost about $68,000 because of this nightmare in our white house…. He does NOT care what he is doing to the American people…. He damages everything he touches … now he is destroying everyone’s retirement
JOE BIDEN IS RUINING AMERICA. ALMOST EVERY SINGLE DAY HE DOES SOMETHING TO PUNISH THE POPULATION BECAUSE HE JUST DOES NOT CARE.
He does care– just not about you.