Stuart Varney: Retirement plans taking a hit is ‘not something’ the Biden team wants to see before midterms
Inflation rages as Americans' grapple with rising prices
During his latest "My Take" Friday, "Varney & Co." host Stuart Varney discusses Americans' 401(k) plans losing money under Biden's presidency, arguing it's "not something" the Biden administration wants to see before the 2022 midterm elections.
Tens of millions of people have a 401(k). This year, almost all of them will have lost a lot of money. Big tech has crashed. The bull market ended.
This is not something the Biden team wants to see, right before the elections. It’s a huge red flag for voters. Your pension money has taken a big hit.
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During the Trump years, your 401(k) performed like the stock market.
You were doing well! Even when the country was locked down and the market sold off, it quickly reversed and the bull run continued.
Inflation was negligible.
The value of your home was going up.
Trump, with help from our colleague Larry Kudlow, was actually closing the income inequality gap!
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Financially, it felt good.
The Biden years do not feel good. You don't feel financially secure when inflation wipes out wage gains, mortgage rates double and the value of your 401(k) drops by a third, or more!
Democrats don't pay much attention to the stock market. But right now, they should.
Because those tens of millions of people with retirement savings will be asking that old, telling question: "Am I better off now than I was two years ago?"
Biden won't like the answer. Investors will be a factor in the midterms, 11 days from now.
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