Analysis: Average American Has Lost $34K to Biden-Flation
Oct. 18, 2022 - 'Inflation Reduction Act' - Bidenflation - Blog - Press Releases - Talking Points
Biden-Flation isn’t just robbing workers’ paychecks - it’s wiped away roughly $34,000 from the average Americans’ retirement account, according to analysis by economists Stephen Moore and E.J. Antoni.
In an op-ed for the New York Post, the economists write:
“A year ago, the White House insultingly tweeted out that inflation is merely ‘a high-class problem.’ 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."
In June, Bloomberg reported that rising prices had wiped away 26 million low-income households’ savings, with these Americans losing close to $16,000 in Biden’s cruel economy.
READ: Biden-Flation Burned Through 26 Million Low-Income Households’ Savings (and Then Some)
KEY TAKEAWAYS:
* Biden-Flation cuts workers’ wages: According to Moore and Antoni’s analysis, the average family has lost $6,000 in purchasing power since February 2021.
* Americans’ savings have been slashed: Unable to make ends meet due to rising prices, Moore and Antoni found that since President Biden took office, monthly savings have collapsed by 83 percent.
* Retirement funds are getting hammered: Moore and Antoni’s analysis found that 401(k) plans have suffered more than $2 trillion in losses. They write: “the average 401(k) plan is down about $34,000 - more than 25 percent in less than one year!"
* Traditional pension funds are also getting pummeled: Moore and Antoni found that Biden-Flation has wiped out all the gains for traditional pension funds from the last two years - which is nearly $4 trillion in assets.
