Connect with us

Retirement

Your Retirement Has Been Impacted by Bidenomics

Your Retirement Has Been Impacted by Bidenomics

Your Retirement Has Been Impacted by Bidenomics. Millions of Americans aiming to retire find themselves in a financial struggle reminiscent of Bob Cratchit, tirelessly working but unable to make headway, all thanks to the significant impact of Bidenomics on their retirement plans.

[irp]

Bidenomics Blow to Retirement Savings

Recent research, conducted in collaboration with the Committee to Unleash Prosperity, reveals a startling reality under the Biden administration, the real value of the average 401(k) has diminished by a quarter over the past two and a half years.

Government Overspending and Overregulating The Culprits

The study attributes this decline to the consequences of government overspending and overregulating—the core tenets of Bidenomics. The administration’s swift accumulation of multitrillion-dollar debts, funded by the Federal Reserve’s money creation, triggered a 40-year-high inflation and rapid interest rate hikes.

Double Impact on Retirement Accounts

Equities suffered, but bond markets were hit even harder, dealing a double blow to retirement accounts. In 2022, a rare year when both equities and bonds experienced negative average returns, the bond market recorded its worst performance since 1928.

Substantial Losses and a Bleak Outlook

The combined effects of government interference and stringent regulations led to an almost 13% decrease, approximately $17,000, in the average 401(k) plan within the first two years of the Biden administration. Across all retirement plans, the cumulative losses reached a staggering $1 trillion.

Inflation Role in Eroding Retirement Values

The soaring inflation, a consequence of excessive government spending, borrowing, and money printing, further diminished 401(k) values by an average of $16,200, resulting in a real (inflation-adjusted) loss of around $33,200 or 24.8%.

Concerns for Pension Plans

Pension plans, while somewhat more resilient than individual retirement accounts (IRAs), also saw a decline in real value. Through the third quarter of the current year, pension plans lost $3.3 trillion, equating to a 12.1% decrease during the Biden administration.

The Unnecessary Downfall

Contrary to the administration claims, data exposes that the economy was not in crisis when Biden took office. The unnecessary continuation of excessive spending and multitrillion-dollar deficits, championed by Biden, has had a devastating impact.

Record Losses for American Families

The repercussions extend beyond retirement accounts. The typical American family has experienced a loss equivalent to $7,300 in annual income under Biden, attributable to inflation and higher borrowing costs. This has led to a record number of Americans working multiple jobs to cope with an $11,400 increase in the cost of living.

Challenges for Retirement Planning

As government expenditures outpace consumer spending, retirement accounts face continued challenges. The federal debt recently surpassed $33.85 trillion, expected to breach $34 trillion by year end—illustrating the tangible effects of what the White House terms “Bidenomics in action.”

Uncertain Retirement Futur

Unless there a significant shift in economic policies, retirement accounts are unlikely to witness substantial improvements. With the federal debt climbing,

Americans may find it increasingly difficult to retire, echoing the cautionary tale of Scrooge’s admonishment to Cratchit. Without a change of heart in Washington, retirement may remain an elusive goal for many.

[irp]

Conclusion

As Bidenomics continues to cast a shadow over retirement savings, millions face the harsh reality of delayed retirements and eroded financial security. Without a shift in economic policies, the prospect of a secure and timely retirement remains uncertain for many Americans.

Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *

Latest

FNB Loan Application 2025 South Africa FNB Loan Application 2025 South Africa
Application2 months ago

FNB Loan Application 2025 South Africa

FNB Loan Application 2025 South Africa. In South Africa, FNB (First National Bank) remains one of the leading financial institutions...

SpecCon Learnership Application 2025 SpecCon Learnership Application 2025
Scholarships2 months ago

SpecCon Learnership Application 2025

SpecCon Learnership Application 2025. SpecCon offers a variety of accredited learnership programmes designed to meet the needs of both employed...

SASSA Change Phone Number Without OTP SASSA Change Phone Number Without OTP
sassa news2 months ago

SASSA Change Phone Number Without OTP

SASSA Change Phone Number Without OTP. If you’re a South African Social Security Agency (SASSA) beneficiary and need to update...

srd.sassa.gov.za Banking Details Status Check Balance srd.sassa.gov.za Banking Details Status Check Balance
sassa news2 months ago

srd.sassa.gov.za Banking Details Status Check Balance

srd.sassa.gov.za Banking Details Status Check Balance. The financial aspects of the Social Relief of Distress (SRD) grants can be complex....

SASSA Grant Payment Dates for January 2025 SASSA Grant Payment Dates for January 2025
sassa news2 months ago

SASSA Grant Payment Dates for January 2025

SASSA Grant Payment Dates for January 2025. The South African Social Security Agency (SASSA) is responsible for distributing social grants...

Can I Apply for a Child Grant on WhatsApp? Can I Apply for a Child Grant on WhatsApp?
sassa news3 months ago

Can I Apply for a Child Grant on WhatsApp?

Can I Apply for a Child Grant on WhatsApp? In recent years, the South African Social Security Agency (SASSA) has...

SASSA Christmas Gift 2024 - Information bout December Grant Payments SASSA Christmas Gift 2024 - Information bout December Grant Payments
sassa news3 months ago

SASSA Christmas Gift 2024 – Information bout December Grant Payments

SASSA Christmas Gift 2024 – Information bout December Grant Payments. The festive season is a time for giving and receiving,...

Is it True That SASSA is Giving R700? Is it True That SASSA is Giving R700?
sassa news3 months ago

Is it True That SASSA is Giving R700?

Is it True That SASSA is Giving R700? In recent times, there has been widespread talk about the South African...

SASSA R700 Payment Application 2024 SASSA R700 Payment Application 2024
sassa news3 months ago

SASSA R700 Payment Application 2024

SASSA R700 Payment Application 2024. The South African Social Security Agency (SASSA) has been an essential lifeline for many citizens,...

TFG Jewellery Internships 2024 / 2025 TFG Jewellery Internships 2024 / 2025
Internships3 months ago

TFG Jewellery Internships 2024 / 2025

TFG Jewellery Internships 2024 / 2025. Are you passionate about fashion, buying, and retail? If so, the TFG Jewellery Internships...

Trending