That’s about right. Remember that people who spent their lives in government, like Biden, do not feel these effects. The notion that one’s retirement nest egg is being broken is an esoteric discussion for them. For the rest of us, it means years and years of more work before we can retire.
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.