Joe Biden’s war on the American economy continues uninterrupted.
Now, things just went from bad to worse.
And it’s all because Biden just broke one shocking record that will guarantee his defeat.
Joe Biden has been a complete disaster for most Americans when it comes to their financial situation.
Data point after data point proves that the average American is poorer off today than they were when Biden first took office.
Now, nearly two years into “Bidenomics,” yet another shocking record was just broken that will help to guarantee Biden’s own defeat in 2024.
And it’s all thanks to one shocking statistic that shows just how much money the American people have lost under Biden’s watch.
The New York Post reports, “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. In other words, the average 401(k) plan is down about $34,000 — more than 25% in less than one year.”
This is a shocking number that illustrates just how much worse off America has become under Biden’s rule.
Not only is the stock market collapsing, but tens of millions of retirement accounts are losing money at record speeds as well.
When taking into account the decline in the markets, the shrinking retirement accounts, and the soaring inflation rates that Biden has helped to bring about, the average American has lost well over $30,000 in less than two years.
That’s a stunning amount of money, considering the average American makes less than $40,000 a year.
“More traditional pension funds also are getting flattened by inflation. At the beginning of this year, pensions in the US had $27.8 trillion in assets. Now, it’s under $24 trillion, a drop of about 15% that has wiped out the last two years’ worth of gains — nearly $4 trillion,” adds the New York Post.
The economic wipeout Biden has helped to bring about isn’t even finished yet.
With inflation still well over 8% and the stock market well into bear market territory, more pain is on the horizon as the Federal Reserve continues to ramp up interest rates in a bid to bring the inflationary crisis under control.
And yet Biden and his team were busy mocking concerns about inflation not that long ago.
“A year ago, the White House insultingly tweeted out that inflation is merely ‘a high-class problem.’ Wrong. The victims of ever higher prices at the store and the gas pump are not the millionaires, but the little guys — and, in particular, older Americans — whose paychecks and savings accounts get walloped,” concludes the New York Post.
No matter the economic statistic, be it stock returns, inflation, or even gas prices, it’s clear that Biden has been a disaster unlike anything the American people have witnessed in generations.
And yet, there’s no sign yet that things are about to get any better.