A report by economist E.J. Antoni reveals that Biden-Harris policies have harmed seniors' retirement plans, showing significant inflation-adjusted losses in 401(k) and pension funds.
www.foxbusiness.com
"The biggest policy mistake of the
Biden-Harris administration regarding the impact on seniors' cost of living has been the insane amount of runaway, profligate federal spending," Antoni said. "This is what gave us 40-year-high inflation. That is what gave us this violent change in interest rates, and that's what gave us this tremendous deterioration in the bond market. So, all of these things have combined to really deliver a kind of one-two knockout punch."
The U.S. national debt has surged dramatically, research showed, with Treasury estimates projecting it will exceed $36.2 trillion by the end of the calendar year.
Additionally, the Biden-Harris administration has significantly reduced the Treasury's cash reserves, known as the Treasury General Account, by about $1 trillion since taking office, Antoni said.
"So, not only do you have the overspending in terms of the increased debt, you have the overspending in terms of the decreased saving," he said. "So, [when] you put all this together, the government has essentially overspent by $9 trillion in four years. That's a quarter of the entire federal debt. So, I think that kind of puts in perspective when we talk about the spending problem just how bad it has gotten under the Biden-Harris administration."
Good read. Told you what would happen 4 years ago. Here is your proof.
