A new hashtag is trending on Twitter, #My401k. People are discussing the amount they've lost in their retirement accounts because of what's been happening with the rising cost of living.
Rep. Jim Jordan (R-OH) helped in launching the discussion by tweeting “Your 401k misses President Trump.” Then, people began to make comparisons between the amount they gained during the Trump administration, versus what they've lost in that of the Biden administration.
Many people have seen their retirement plans shrink by hundreds of thousands of dollars.
Imagine you're looking to retire in the coming years. The amount you had planned to earn after 20, 30, or 40 years suddenly shrinks each time you log in. It's enough to put you into a cold sweat.
The stock market is in the process of crashing and burning. The Dow Jones industrial index is down more than 11% in the past year – and the index was down by nearly two percent this past Monday. And Nasdaq is doing even worse.
When Jordan tweeted about how all of the retirement accounts aren't growing now that Trump is gone, many people were quick to mention that their food bills and gas tanks are missing Trump too.
There's no doubt that there's a huge distinction between the Republican and Democratic administrations. Biden is clearly responsible for his poor policies.
Americans pay attention to what they deal with every day, such as their financial situation. They're concerned about how much each item is costing them, in particular, since the majority of Americans aren't receiving significant wage increases to keep up with the rising costs.
The Democrats are trying to make it appear as if the only thing Americans are worried about is issues like gender-neutral healthcare and abortions. The average person doesn't require an abortion. This isn't a problem for them. But everyone should be worried about inflation and the fact that retirement is likely to be much more difficult for many people as their 401k accounts shrink.
Janet Yellen, the Treasury Secretary, has admitted that the policies of spending enacted by Biden have increased the rate of inflation, even though she's asserted that the economy is healthy.
Still strong? Absolutely not. Check out the hashtag #My401k to see how this is not the case.
It’s Biden's fault and we're all aware of this if we are truly honest with ourselves.
It's hilarious that there are always people who are eager to defend Biden. One user on Twitter said that “I'm smart enough to know that the balance of #My401k, 403b, 457, (Roth) IRA have nothing to do with Biden's policies.” Isn't that adorable? Every decision taken by Biden has resulted in the present situation.
Some will argue that it's due to Putin's infamous attack on Ukraine and the way it has caused a crisis in the global economy. It's certainly one aspect of it. But, what could have happened if Biden was more stern with Putin prior to the invasion? What if a clear line was drawn to ensure that Putin never entered Ukraine? It would be an entirely different scenario.
In the end, it all boils down to Biden being the one responsible for your 401k's poor state of health right now.
In the event that you've got a 401k and you've not logged in to see what's available, be sure you’re sitting down. You may even want to carry a paper bag of paper to breathe into. It’s not going to be pretty.