Bidenomics Fail: Americans Increasingly Forced to Dip Into Retirement Accounts to Make Ends Meet, Major Bank Reveals
More Americans are tapping their retirement accounts to get by as President Joe Biden and Democrats portray the economy as healthy, a new report claims.
A look through Biden’s Twitter account reveals numerous but unspecific claims about an economic turnaround following two years of skyrocketing prices.
In February, the president bragged about a “record breaking economy” and plentiful jobs.
Our economic plan is breaking records. pic.twitter.com/5YvftWL6yV
— President Biden (@POTUS) February 7, 2023
Last week, Biden or whoever runs his account tweeted, “Bidenomics is about growing the economy by strengthening the middle class and making things in America again.”
The tweet concluded, “It’s a stark contrast to MAGA Republicans who are only focused on corporate profits.”
Bidenomics is about growing the economy by strengthening the middle class and making things in America again.
It’s a stark contrast to MAGA Republicans who are only focused on corporate profits.
— Joe Biden (@JoeBiden) August 18, 2023
Such broad economic claims have been shared time and time again and viewed by many as dubious:
Lol. Middle class lost the chance to own a home under Bidenomics https://t.co/D02ZvBg9Vf
— Byron West (@ByronWest1776) August 19, 2023
People can’t afford groceries
People can’t afford gasoline
People can’t afford to buy a homeYou need to wake up to the reality of Bidenomics, wake up to real world you created, just wake up. https://t.co/9hDdhC9Neh
— Marc Lotter (@marc_lotter) August 18, 2023
So basically Biden 2024 is one giant gaslighting campaign. https://t.co/Qor5NYJoJ9
— Peter Daou (@peterdaou) August 18, 2023
Gaslighting 101
— Magoo PhD (@HodlMagoo) August 18, 2023
According to Bank of America’s quarterly “Participant Pulse” report, the cold, hard truth is that life is so expensive that many people are tapping into their retirement accounts to scrape by.
According to the report, in the second quarter of this year, 15,950 people made a hardship withdrawal from a 401(k) account, CNN Business reported after pouring over data.
The staggering number was an increase of 36 percent when compared to the first three months of 2022.
Additionally, contributions to retirement accounts dropped 23 percent between the first and second quarters of this year.
While inflation rates have slowed down slightly since last year, Americans’ paychecks are effectively 16 percent smaller under Biden’s watch.
To boot, home ownership is effectively unattainable for millions of Americans.
With mortgage rates currently hovering around seven percent, a Divvy survey recently found that 56 percent of Americans no longer believe they will achieve their dream of owning a home.
And as The New York Post’s Editorial Board noted on Sunday, the average American spends $709 more on a monthly basis for basic goods than they did two years ago.
That comes out to $8,508 annually per person to eat and pay for services and utilities.
Meanwhile, per the Post, wage growth has only outpaced inflation for two of the past 22 months.
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