https://www.americanthinker.com/blog/2022/10/biden_costs_average_americans_34000_in_retirement_savings_in_2022_study.html
We already know that Joe Biden has cost Americans an average of $6,000 in paycheck power from the inflation that has come of his billions and trillions in government spending, including his mockingly misnamed “Inflation Reduction Act” of 2022.
While Biden has at various times claimed that inflation comes from Russia, greedy oil companies, Republicans, or chicken factories, and in any case is transitory, if not zero, inflation is something serious economists recognize as a monetary phenomenon. Inflation, after all, is priced in money, and monetary agencies such as the Federal Reserve print up the cash it takes for all that government spending. The inflation comes from Joe.
But inflation is hitting far more than just pocketbooks and savings accounts — it’s also eating away at Americans’ retirement savings, in their 401(k)s and other retirement accounts.
Economists Stephen Moore and E.J. Antoni decided to calculate just how much in a column for the New York Post. They did the math:
We’ve just completed an analysis of how the highest inflation rate in almost 40 years has impacted the retirement funds of ordinary Americans. Here is what we found.
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.) Many millions of Americans who are living paycheck to paycheck just don’t have the money after paying the inflated bills to save much.
But to add insult to injury, even what has been already saved and invested by older Americans over past years and even over several decades has been erased from these accounts.
Thanks to the thief of inflation.
Inflation has not only cut the value of stocks, and bonds, for that matter, it has reduced the value of the savings that are still left.