That’s How Much Was Wiped Out from Americans’ Retirement Savings Due to the Biden-Murray Economy
Washington, D.C. – Inflation has been at a four-decade high nationwide – even worse in places like Seattle. A big contributor to this record inflation: the $1.9 trillion so-called “American Rescue Plan” that Patty Murray was the deciding vote for.
Because inflation has gone out of control, economic turmoil has roiled the stock market and Bloomberg reports on how that has affected current and future retirees:
“Americans have been warned for years of an impending retirement crisis. Yet the situation is getting worse.
“Even when everything was going right — inflation was nonexistent, interest rates were low and stocks were in an extended bull market — there was a multi-trillion dollar savings shortfall …
“The resulting market turmoil erased some $3.4 trillion from 401(k)s and IRAs in the first half of 2022, according to Alicia Munnell, director of Boston College’s Center for Retirement Research …
It’s a problem that isn’t easily fixed, and contributes to the sense that the American Dream is in decline …
“In 2019, Boston College estimated there was a $7.1 trillion retirement-savings shortfall among American households, with half of them facing a lower standard of living once they stop working.”
Patty Murray and her price hikes are hurting Washingtonians and they are ready to hold her accountable for them in November.
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