- The analysis was done by conservative economists, who said that the balance of Americans’ 401ks will ‘ruin your whole day, week and month’
- The economists note that inflation has been going at 8 percent for the past seven months, despite the White House claiming things were temporary
- They argued that over the past 20 months, the average American family has lost nearly $6,000 in ‘purchasing power’ due to the rise in prices over wages
- The average American’s 401k plans have lost a colossal $34,000 in value – more than 25 percent of where it was a year ago – to a total of $2.1trillion in losses
- American pension funds have dropped 15 percent, going down from $27.8trillion at the beginning of the year to $24trillion
Inflation has taken an average of 25 percent – at least $2.1trillion – off the 401Ks of American workers, despite President Joe Biden‘s insistence Sunday that the ‘economy is strong as hell.’
The analysis was done by conservative economists Stephen Moore and EJ Antoni, who said that the balance of Americans’ 401ks will ‘ruin your whole day, week and month.’
Moore and Antoni note that inflation has been going at 8 percent for the past seven months, despite the White House claiming things were temporary.
They argued that over the past 20 months, the average American family has lost nearly $6,000 in ‘purchasing power’ due to the rise in prices over wages.
The average American’s 401k plans have lost a colossal $34,000 in value – more than 25 percent of where it was a year ago – to a total of $2.1trillion in losses.
By ALEX HAMMER and STEPHEN M. LEPORE
