President Joe Biden’s America Drowned by Latest Report
Numerous surveys indicate that the state of the nation’s economy is the nation’s primary concern. The markets continue to see downward movement, inflation does not appear to be under control at this time, and the cost of living has increased significantly.
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Just this week, President Joe Biden made the comment that the economy is “strong as hell,” which immediately drew condemnation from a number of people. Many people in the United States are experiencing financial strain, and this is causing them to view the situation differently.
This is especially true for individuals who have retirement plans, as they have all seen a significant reduction in the value of their savings as of the year 2022. The average drop in one’s 401(k) account has been described as shocking in a study that was carried out by E.J. Antoni and Stephen Moore for the Committee to Unleash Prosperity. The sum is even more surprising than I had anticipated.
Over $135,000 was sitting in the typical employee’s 401(k) account when the new year began. However, as a result of the precipitous decline in the market throughout 2022, these funds have suffered a significant decline. The fact that we could be looking at losses of a couple of trillion dollars has already begun to have an effect on the attitudes of voters. A growing body of evidence suggests that many people have had it with the way the current leadership is handling things.
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In total, it’s around a 25 percent drop, which is a significant drop compared to the beginning of the year. Antoni noted that Fidelity Investments stated in its Q2 report that the average 401k balance had already decreased by 21%. Antoni cited this information as a comparison. And this occurred only in the first two months of the year 2022.
He went on to say that the reduction in their number, which he estimated to be 25%, was actually an understatement, which indicates that the losses sustained by millions of Americans are significant. The people who carried out the research had no choice but to point out to us that if the stock and bond markets were to see a “miraculous return” in the months to come, then the valuations would go back up. However, it might be months or even years.
Those of you who have already reached retirement age are experiencing significant financial setbacks at this time. This could prove to be exceedingly challenging for a good number of senior individuals. As a consequence of this, many people have decided to postpone their retirement; instead, they plan to continue working and keep their fingers crossed that the market will recover at some time. But regardless of the outcome, they will have to continue working for a little longer.
A significant rise in the COLA for social security was recently announced by the government. The increase, which is 8.7%, is the largest increase since 1982. However, even it may not be sufficient to keep up with inflation. This year’s price increases got their start earlier than usual, and as of right now, inflation is still at 8.2%. There is a good chance that the Federal Reserve will implement a significant new interest rate hike.
In addition, another study demonstrates that the purchasing power of Americans dropped by around $6,000 in the year 2022.
