During his lunatic victory lap on the economy earlier this week in front of the AFL-CIO, Biden again talked about Americans having “record savings rates.”
Hello? Has anyone looked at their 401k plan lately? We advise that you don’t. In the last four months, stock values have dropped by some $11 trillion. This has been one of the greatest liquidations of wealth and retirement savings in the history of America.
The chart below shows stocks adjusted for inflation are now down by roughly 20% since Biden entered office.
The media loved to report that Trump was often prone to exaggeration about his positive accomplishments on the economy. But unlike Biden, at least he got the direction right.