{"id":1698088,"date":"2022-10-17T11:17:54","date_gmt":"2022-10-17T15:17:54","guid":{"rendered":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/?p=1698088"},"modified":"2022-10-17T11:18:02","modified_gmt":"2022-10-17T15:18:02","slug":"its-not-just-yours-study-shows-how-much-average-401k-is-down-under-biden","status":"publish","type":"post","link":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/its-not-just-yours-study-shows-how-much-average-401k-is-down-under-biden\/","title":{"rendered":"It\u2019s Not Just Yours: Study Shows How Much Average 401(k) Is Down Under Biden"},"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\">28<\/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%2Fits-not-just-yours-study-shows-how-much-average-401k-is-down-under-biden%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=1698088&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--><p>If you\u2019re retirement plan seems to be circling the drain, it\u2019s not just you, according to an analysis by two <a href=\"https:\/\/www.dailywire.com\/news\/heritage-foundation-sues-biden-admin-for-border-patrol-investigation-docs\/\" target=\"_blank\" rel=\"noopener\">Heritage Foundation<\/a> economists.<\/p>\n<p>It\u2019s happening to everyone.<\/p>\n<p>A total of $2.1 trillion has been wiped from Americans\u2019 401(k) plans just since the beginning of this year, according to Stephen Moore and E.J. Antoni. The average plan had $135,000 in it on January 1, and that figure has plummeted to $101,000, they said. Couple that with other dismal factors and President Joe Biden\u2019s insistence the economy is healthy doesn\u2019t seem to add up.<\/p>\n<p>\u201cOur economy is strong as hell,\u201d <a href=\"https:\/\/www.dailywire.com\/news\/joe-biden-between-bites-of-ice-cream-brags-the-economy-is-strong-as-hell-ice-cream-prices-are-up-13-6\" target=\"_blank\" rel=\"noopener\">Biden declared this weekend<\/a> in Oregon between licks of an ice cream cone.<\/p>\n<p lang=\"en\" dir=\"ltr\">The average American 401k has plummeted by $34,000 this year under Biden.<\/p>\n<p>But he doesn&#8217;t care. He&#8217;ll just keep munching on his ice cream cones. <a href=\"https:\/\/t.co\/7MGP0E6xRJ\">pic.twitter.com\/7MGP0E6xRJ<\/a><\/p>\n<p>\u2014 Rep Andy Biggs (@RepAndyBiggsAZ) <a href=\"https:\/\/twitter.com\/RepAndyBiggsAZ\/status\/1582010814638092293?ref_src=twsrc%5Etfw\">October 17, 2022<\/a><\/p>\n<p>Moore, a former economic adviser to ex-President Trump and the co-founder of Committee to Unleash Prosperity, and Antoni reported that monthly savings have collapsed 83%. Inflation, now at over 8% year over year is carving into both paychecks and retirement savings. And the administration\u2019s \u2013 and friendly media\u2019s \u2013 claim that the U.S. is not currently in a recession runs counter to the longstanding definition, which is two consecutive quarters of negative growth in gross domestic product.<\/p>\n<p>Moore and Antoni wrote that it adds \u201cinsult to injury\u201d when inflation results in a de facto pay cut for Americans and their retirement savings are decimated by a bear market. Even the traditionally \u201csafe\u201d alternative of bonds is not a haven from the plunging economy, they wrote.<\/p>\n<p>\u201cInflation also hurts returns from bonds \u2014 which typically account for between 20% and 40% of retirement fund investments,\u201d the pair wrote in a <a href=\"https:\/\/nypost.com\/2022\/10\/16\/average-american-is-losing-34k-and-everything-else-on-bidens-watch\/\">New York Post column<\/a>. \u201cThat is because, as we are now seeing, higher inflation means higher interest rates, which lower the value of the bonds you own.\u201d<\/p>\n<p>The more you\u2019ve saved for your retirement, the more the current economic woes have cost you, wrote Moore and Antoni.<\/p>\n<p>\u201cLet\u2019s say you are doing a little better than average financially and you have a 401(k) plan with $300,000 saved up,\u201d they wrote. \u201cYou\u2019re still far from \u201crich.\u201d Your nest egg losses this year are likely to be above $75,000.<\/p>\n<p>\u201cThere goes the down payment on that retirement home or condo in Florida or Arizona. But these numbers don\u2019t even take account of losses in other pension\/retirement accounts.\u201d<\/p>\n<p>Folks with pension plans are not safe from the economic havoc, either. U.S. pensions funding has fallen 15% to $24 trillion in assets, wiping out two years\u2019 worth of gains. Unless the losses are recouped, the pension plans will either need a taxpayer bailout or reduce benefits for retirees.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>If you\u2019re retirement plan seems to be circling the drain, it\u2019s not just you, according to an analysis by two Heritage Foundation economists. It\u2019s happening to everyone. A total of $2.1 trillion has been wiped from Americans\u2019 401(k) plans just since the beginning of this year, according to Stephen Moore and E.J. Antoni. The average &#8230;<\/p>\n","protected":false},"author":1,"featured_media":1890381,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_mo_disable_npp":"","fifu_image_url":"https:\/\/cndimages.nyc3.digitaloceanspaces.com\/breaking-news\/wp-content\/uploads\/2021\/01\/IMG_2758-scaled-1.jpg","fifu_image_alt":"","footnotes":""},"categories":[541],"tags":[],"class_list":["post-1698088","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-the-daily-wire"],"fifu_image_url":"https:\/\/cndimages.nyc3.digitaloceanspaces.com\/breaking-news\/wp-content\/uploads\/2021\/01\/IMG_2758-scaled-1.jpg","_links":{"self":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/1698088","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=1698088"}],"version-history":[{"count":0,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/1698088\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media\/1890381"}],"wp:attachment":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media?parent=1698088"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/categories?post=1698088"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/tags?post=1698088"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}