401(k) accounts plummet 25% in under a year

by sam

Samuel Case, FISM News

 

As Americans rank the economy as their number one concern going into the midterm elections, a new report shows the average 401(k) has plummeted over 25% in less than a year.

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 this year. Today, those assets have shrunk on average to about $101,000,” New York Post columnists, Stephen Moore and E.J. Antoni, calculate.  

“In other words, the average 401(k) plan is down about $34,000 — more than 25% in less than one year!” they explained.

To make matters worse, Moore and Antoni estimate monthly savings have fallen 83% since President Biden first took office, estimating the average family has “lost nearly $6,000 in purchasing power.”

“Many millions of Americans who are living paycheck to paycheck just don’t have the money after paying the inflated bills to save much,” the columnists write. 

The report came a day after the president touted the economy as being “strong as hell,” while blaming the current economic situation on other countries. 

“Inflation is worldwide,” Biden told a reporter who asked about the strength of the dollar while eating an ice cream cone in Portland, Oregon. “It’s worse off than it is in the United States. So the problem is the lack of economic growth and sound policy in other countries, not so much ours.”

Meanwhile, on Monday, White House Press Secretary Karine Jean-Pierre was asked if she had a “timeline for when Americans can start feeling some economic pain relief.”

“In regards to the Inflation Reduction Act, early next year they will see some of the pieces of that when you think about energy costs, when you think about the Medicare kind of benefits from that. So, we’ll see some movement on that early next year,” she responded. 

The reporter fired back, “18 months ago when the president took office, inflation and gas prices started rising.”

Jean-Pierre then seemingly blamed the problem on Biden’s American Rescue Plan. “Eighteen months ago the president signed the American Rescue Plan,” she said, claiming it “helped the American people.”

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