Joe, it’s really bad.
According to The New York Post, the average American has lost $34,000 in their 401K retirement funds since President Joe Biden took office.
From New York Post:
Inflation has been at 8%+ for seven consecutive months. The White House economic wizards assured us that the rapid price rises in groceries, rental cars, gasoline at pump, and health insurance was only temporary a year ago.
The greatest sticker shock caused by Bidenflation was the shrinking of real take-home pay of workers. The average American family has seen a drop in their purchasing power of nearly $6,000 over the last 20 months due to the rise in consumer prices and wages. This is the Lunch Bucket Joe president, who claimed he would help increase the incomes of middle-class families. When, exactly?
However, this effect of inflation on families is not the only curse.
Just completed an analysis on how the high inflation rate of almost 40 years has affected the retirement savings of ordinary Americans.
The full report is available at The New York Post:
— New York Post (@nypost October 17, 2022