Skip to Content
Rep. Elise Stefanik, Chairwoman
subscribe
SUBSCRIBE

Press Releases

Biden’s Economic Crisis Has Stolen $2.1 Trillion From Americans’ 401(k)s

Washington, DC, October 17, 2022
In the midst of the Biden Recession, hardworking Americans are facing another rude awakening—their 401(k)s are now down 25% on average. In total, Biden’s shrinking economy has stolen a combined $2.1 TRILLION from these retirement savings, not to mention the loss in purchasing power from skyrocketing inflation.  MAKE NO MISTAKE: Our economy is NOT “strong as hell,” as Joe Biden said this weekend. The failed Far Left agenda of one-party Democrat rule in Washington is crushing Americans who are hoping to retire and those on fixed incomes. House Republicans have made a commitment to an economy that’s strong when we earn the majority. BIDEN'S ECONOMIC CRISIS BY THE NUMBERS: 
  • The GDP decreased at an annual rate of 0.6% in the second quarter of 2022, according to the final estimate released by the Bureau of Economic Analysis. 
    • This follows a GDP decline of 1.6% within the first quarter, meaning that we have hit the rule-of-thumb recession definition: two consecutive quarters with negative GDP readings.
    • The majority of Americans say we are in fact in a recession, according to a recent survey.
  • This shrinking economy has dropped the average 401(k) by 25%, equating to a loss of roughly $34,000 per average investor.
    • In total, our shrinking economy has stolen a combined $2.1 TRILLION from these retirement savings, not to mention the loss in purchasing power from skyrocketing inflation, which takes another $5,000 per person on average.
    • Americans closer to retirement age now have less time to make up for the investment lost in Biden’s shrinking economy, leaving many Americans reporting they will delay retirement all together.
  • Since President Biden took office, monthly savings have declined by roughly 83%.
  • In September, the CPI came in “hotter” than expected at 8.2% for the 12 months ending September.
  • Americans are paying more for just about everything because of inflation: 
  • Owners’ equivalent rent index also increased 0.8% over the month, the largest monthly increase in that index since June 1990.
  • Health insurance had the largest increase ever which increased by over 28% over the last year.
  • Inflation has outpaced workers’ wages for 18 months in a row under Joe Biden’s watch. 
  • Real average hourly earnings decreased 3.0%, seasonally adjusted, from September 2021 to September 2022. 
    • The change in real average hourly earnings combined with a decrease of 0.9% in the average workweek resulted in a 3.8% decrease in real average weekly earnings over this period.
    • The skyrocketing cost of goods and services will cost the average American household over $700 a month, which adds up to over $8,000 a year.
Click HERE for more information on House Republicans’ commitment to an Economy that is Strong.