During his "My Take" Wednesday, "Varney & Co." host Stuart Varney discussed the impact of President Biden's economic policies on Americans' wealth, arguing 401(k)s went "straight down" after Biden took office.
STUART VARNEY: Anyone who owns stock is feeling the pain. The rich, who own a lot of stock, are feeling intense pain.
The top one percent of income earners have lost $5 trillion in stock market wealth this year.
The top 10 percent have lost over $8 trillion.
There is a political angle to this: you see, the rich tend to vote Democrat. So here we have the wealthy, who did extremely well under the hated Trump, losing their shirts under Biden, their favorite.
The rich are no longer getting richer.
In fact, their share of the nation's wealth is falling! You have to wonder if the Democrats can hold onto their wealthy voters.
Come down the income scale and middle America is taking a hit, too.
A lot of people I know have stopped looking at their 401(k)s. No wonder, your pension money is down 20 to 30 percent, unless you are a very savvy investor.
Same story: 401(k)s went straight up under Trump. He often boasted about it. And straight down under Biden, who says, "The stock market doesn’t necessarily reflect the state of the economy, as you well know. And the economy is still strong."
"The stock market doesn’t necessarily reflect the state of the economy, as you well know. And the economy is still strong."
In November’s elections, the market sell-off should be a big issue.
Voters will want to know who is responsible for this wealth destruction.
The Democrats will have a hard time blaming Trump.
And the Republicans have an easy target in Biden’s failed policies.