Retirement accounts with significant bond allocations suffered the most, with bonds seeing their worst returns since 1928, Antoni said. As a result, many nearing retirement will be forced to work an additional six years to offset the inflation-driven losses.
“Probably the biggest takeaway is the fact that people get caught up looking at the stock market and thinking that that’s an accurate representation of every kind of investment, including people’s retirement, and unfortunately, that’s just not the case,” Antoni told Fox Business in an interview.
Antoni said that since many people have a significant portion of their retirement savings in fixed-income assets, which have performed very poorly over the last four years, many of the gains in the stock market have been offset by losses in these assets. With the added impact of inflation, people who believed they were making smart investment choices now find themselves at a loss.
INFLATION IS UP 20% SINCE BIDEN TOOK OFFICE
According to a new survey from Bankrate, 57% of American workers feel behind on their savings, and 48% of those polled do not think they will meet their personal retirement goal. (Fox News)
“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.”
VP KAMALA HARRIS RESPONDS TO WHY MORE AMERICANS TRUST TRUMP ON THE ECONOMY
(Annette Riedl/picture alliance via Getty Images)
Trump pledges to fire special counsel Jack Smith
Trump pledges to fire special counsel Jack Smith – CBS News Watch CBS News In an interview Thursday, former President Donald Trump said that if he wins the election, he plans to immediately fire special counsel Jack Smith, the man who is overseeing two key criminal investigations against Trump, including […]
