We already know that Joe Biden has cost Americans an average of $6,000 in paycheck power from the inflation that has come of his billions and trillions in government spending, including his mockingly misnamed “Inflation Reduction Act” of 2022.
While Biden has at various times claimed that inflation comes from Russia, greedy oil companies, Republicans, or chicken factories, and in any case is transitory, if not zero, inflation is something serious economists recognize as a monetary phenomenon. Inflation, after all, is priced in money, and monetary agencies such as the Federal Reserve print up the cash it takes for all that government spending. The inflation comes from Joe.
But inflation is hitting far more than just pocketbooks and savings accounts — it’s also eating away at Americans’ retirement savings, in their 401(k)s and other retirement accounts.
