{"id":1697834,"date":"2022-10-17T08:14:28","date_gmt":"2022-10-17T12:14:28","guid":{"rendered":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/?p=1697834"},"modified":"2022-10-17T08:18:39","modified_gmt":"2022-10-17T12:18:39","slug":"the-average-401k-is-down-34k-on-bidens-watch","status":"publish","type":"post","link":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/the-average-401k-is-down-34k-on-bidens-watch\/","title":{"rendered":"The Average 401(k) Is Down $34k on Biden&#8217;s Watch"},"content":{"rendered":"<aside class=\"mashsb-container mashsb-main mashsb-stretched\"><div class=\"mashsb-box\"><div class=\"mashsb-count mash-medium\" style=\"&quot;\"><div class=\"counts mashsbcount\">18<\/div><span class=\"mashsb-sharetext\">SHARES<\/span><\/div><div class=\"mashsb-buttons\"><a class=\"mashicon-facebook mash-medium mash-nomargin mashsb-noshadow\" href=\"https:\/\/www.facebook.com\/sharer.php?u=https%3A%2F%2Fwww.conservativenewsdaily.net%2Fbreaking-news%2Fthe-average-401k-is-down-34k-on-bidens-watch%2F\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Facebook<\/span><\/a><a class=\"mashicon-twitter mash-medium mash-nomargin mashsb-noshadow\" href=\"https:\/\/twitter.com\/intent\/tweet?text=&amp;url=https:\/\/www.conservativenewsdaily.net\/breaking-news\/?p=1697834&amp;via=ConservNewsDly\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Twitter<\/span><\/a><a class=\"mashicon-subscribe mash-medium mash-nomargin mashsb-noshadow\" href=\"#\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Subscribe<\/span><\/a><div class=\"onoffswitch2 mash-medium mashsb-noshadow\" style=\"display:none\"><\/div><\/div>\n            <\/div>\n                <div style=\"clear:both\"><\/div><\/aside>\n            <!-- Share buttons by mashshare.net - Version: 4.0.47-->\n<p>Have you taken a peek at the balance in your 401(k) retirement accounts lately? Here\u2019s our advice: Don\u2019t bother. It will ruin your whole day, week and month.<\/p>\n<p>Here\u2019s why: We\u2019ve now had seven straight months of 8%+ inflation. A year ago we were assured by the White House economic wizards that these rapid price increases in everything from groceries, to rental cars, to <a href=\"https:\/\/nypost.com\/2022\/10\/16\/biden-wants-high-gas-prices-he-just-doesnt-want-voters-to-notice\/\">gasoline<\/a> at the pump, to health insurance were merely \u201ctransitory.\u201d Whoops.<\/p>\n<p>The most immediate sticker shock from <a href=\"https:\/\/nypost.com\/2022\/10\/13\/inflation-increases-as-biden-keeps-bragging-about-his-spending\/\">Bidenflation<\/a>, of course, has been to shrink real take-home paychecks of workers. We have calculated that over the past 20 months, this rise in consumer prices over wages means that the average family in America has lost nearly $6,000 in purchasing power. This from the Lunch Bucket Joe president who promised to help boost the incomes of the middle class. When, exactly?<\/p>\n<p>But this pay-cut effect on family incomes is only part of the curse of runaway inflation.<br \/>We\u2019ve 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.<\/p>\n<p> <a href=\"https:\/\/nypost.com\/wp-content\/uploads\/sites\/2\/2022\/10\/MEGA902900_025-e1665971979923.jpg\"><\/a>Since President Biden took office, monthly savings have collapsed, falling 83%. Yuri Gripas \u2013 Pool via CNP \/ MEGA Savings collapse <\/p>\n<p>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 \u201ctransformation\u201d of the <a href=\"https:\/\/nypost.com\/2022\/10\/16\/joe-biden-insists-us-economy-is-strong-as-hell-as-he-munches-an-ice-cream-cone\/\">US economy <\/a>has had just the opposite effect.) Many millions of Americans who are living paycheck to paycheck just don\u2019t have the money after paying the inflated bills to save much.<\/p>\n<p>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.<\/p>\n<p>Thanks to the thief of inflation.<\/p>\n<p> <a href=\"https:\/\/nypost.com\/wp-content\/uploads\/sites\/2\/2022\/10\/17_1n_dow_chart-1-1.jpg\"><\/a>The increase in consumer prices over wages means that the average family in America has lost nearly $6,000 in purchasing power. NY Post <\/p>\n<p>Most of the 150 million Americans with one form or another of retirement savings have invested the majority of those tens of thousands of dollars in stocks. The major stock indices are all way down since Biden came into office. Here are the returns as of Oct. 10, according to the Federal Reserve Bank of St. Louis:<\/p>\n<p>Dow Jones Industrial Average: -6%<br \/>NASDAQ: -18%<br \/>S&#038;P 500: -6%<\/p>\n<p>These negative returns don\u2019t even take account of inflation. Doing so adds roughly another 13% or so to these stock losses. Inflation also hurts returns from bonds \u2014 which typically account for between 20% and 40% of retirement fund investments. That is because, as we are now seeing, higher inflation means higher interest rates, which lower the value of the bonds you own.<\/p>\n<p> Little guys hurt   <\/p>\n<p>Tie it all together and we calculate that since the start of this year, 401(k) plans have suffered $2.1 trillion in losses. The average 401(k) plan had over $135,000 at the start of<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Have you taken a peek at the balance in your 401(k) retirement accounts lately? Here\u2019s our advice: Don\u2019t bother. It will ruin your whole day, week and month. Here\u2019s why: We\u2019ve now had seven straight months of 8%+ inflation. A year ago we were assured by the White House economic wizards that these rapid price &hellip;<\/p>\n","protected":false},"author":1,"featured_media":1697836,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_mo_disable_npp":"","fifu_image_url":"","fifu_image_alt":"","footnotes":""},"categories":[547],"tags":[],"class_list":["post-1697834","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-the-bongino-report"],"_links":{"self":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/1697834","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/comments?post=1697834"}],"version-history":[{"count":0,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/1697834\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media\/1697836"}],"wp:attachment":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media?parent=1697834"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/categories?post=1697834"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/tags?post=1697834"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}