Biden’s America: $3 Trillion In Retirement Savings Has Been Wiped Out By Stock Market Drop

Americans work decades so that one day they will be able to retire and live out the rest of their days in a stable happy place. That is a key essential to the American dream.

The policies of the elites have destroyed this.

Over $3 Trillion in retirement savings have been wiped out by the stock market’s drop.

From CBS News:

The U.S. stock market rout that has put U.S. equities in a bear market isn’t just reducing the net worth of billionaires like Elon Musk and Jeff Bezos. It’s also taking a toll on Americans’ retirement savings, wiping out trillions of dollars in value.

The selloff has erased nearly $3 trillion from U.S. retirement accounts, according to Alicia Munnell, director of the Center for Retirement Research at Boston College. By her calculations, 401(k) plan participants have lost about $1.4 trillion from their accounts since the end of 2021. People with IRAs — most of which are 401(k) rollovers — have lost $2 trillion this year.

This year’s stock slump is the most severe market downturn since March of 2020, when COVID-19 erupted in the U.S. Historically, 401(k) investments take about two years after a market decline of this size to regain their previous value.

The Stock Market is now down below where it was when Biden took office:

Dow Falls Below 30K – One Day After Fed Announcement

 

This didn’t have to happen and everyone knows it.

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