
the staff of the Ridgewood blog
Ridgewood NJ, stocks up but you are still feeling a little poorer ? Americans’ nest eggs are getting clobbered by “Bidenflation”.
In a new study, published with the Committee to Unleash Prosperity, examined individual retirement accounts (IRAs) and pension plans and found shocking losses under the Biden administration, enough to delay many Americans’ retirement plans for years.
Across all plans, the net losses are an eye-watering $1 trillion.
But it gets worse.
The 40-year high in inflation, brought on by government spending, borrowing, and printing too much money, has further eroded the value of 401(k) plans by $16,200 on average, for a real (inflation-adjusted) loss of around $33,200, or 24.8%.
While the study estimates that pension plans have fared better than many IRAs, their balances have also fallen in real terms.
Through the third quarter of this year, pension plans have lost $3.3 trillion, or 12.1%, of real value during the Biden administration.
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thanks Biden.
BTW your scumbag tax cheat son is counting on a pardon.
Thanks Brandon
Retire and move to Ukraine – they’ll give it back to you….