WASHINGTON, DC, June 9 — Some 40% of America’s workforce said “it will take a miracle” to retire securely, according to the Natixis Global Retirement Index. However, that was back when the inflation rate was hovering between 2.6% and 4.2% in March and April of 2021. The current inflation rate in the U.S. today is well above 8% and climbing — just about double what it was a year ago.
“Since the pandemic, supply chain issues and consumer demand have dramatically pushed up short-term inflation in the U.S. The Consumer Price Index, a key measure of inflation, was 4.7% in 2021, a level unseen since 1990, according to Statista. The monthly 12-month inflation rate in February of 2022 was 7.9%, and with the advent of the war in Ukraine, some experts are predicting that U.S. inflation will clock in at 9% or more for 2022.” That’s the assessment of Doug Kinsey, a partner in Artifex Financial Group, in an article published recently at Kiplinger.com.
In fact, inflation is at the top of list of biggest problems facing the country, according to Pew Research. Pew’s recent polling found that a whopping 70% of us say so.
Here’s how the experts at Society for Human Resource Management assess the retirement situation:
- 66 percent are worried about how inflation will affect their ability to save for retirement.
- 73 percent of Millennials and 74 percent of Generation X are worried about inflation’s effect on their retirement savings.
- 43 percent of respondents because of inflation have had to tap into finances that they previously had set aside for retirement.
The negative impact of inflation on retirement is certainly due to these factors. In fact, the folks at Nexis Global tell us that a large majority of us — 59% — believe that they are going to put off plans for retirement and more than a third of the workforce will never have enough money to be able to retire.
President Biden took office in January 2021 when the inflation rate stood at modest 1.6%. Here we are, less than two years later and the rate of inflation hovers on or near 8.5% and climbing. Mr. Biden can offer any number of “not-my-fault” excuses, but the majority of the nation — even some members of his own party — seem to believe that his policies have, at best, helped fuel the current inflationary spiral, if not out-rightly caused it.
The Brookings think-tank suggests that “inflation is President Biden’s biggest problem.”
A report Brookings published in February, says that “Since the New Deal, Americans have come to believe that presidents exercise considerable control over the economy, and they expect President Biden to do something about inflation. Shortages of goods on grocery store shelves and delays receiving goods ordered online have convinced the people that unclogging the supply chain is an important part of the solution. But despite the administration’s claims, they haven’t seen much progress on this front. The contrast between the high visibility of the pandemic task force and the virtual disappearance of supply chain task force has been dramatic, especially because the people now care more about rising prices than falling infection rates.”
Want more proof that America, for the most part, puts the blame for inflation on President Biden? You need look no further than his dismal approval ratings. In April, his ratings took a nose dive for the fourth consecutive time. A CNBC survey found that “his approval rating on the economy dropped for a fourth straight survey to just 35%, with 60% disapproving, putting the president a deep 25 points underwater.”
Any wonder? The American dream of retirement has turned into a nightmare.
This “president” is ruining our lives and the country.
It’s no wonder many of us “retirees” have gone back to work. I, for one, enjoy it, but the money I earn is now earmarked for groceries and gasoline rather than for a kitchen upgrade or a koi pond. Now and then, I used to go on a long drive in the country, taking pictures, seeing the sights, buying stuff, and eating at restaurants. Not any more! Not at $4.97/gallon of gasoline! I’m sure I’m not alone, so imagine what that does to the economy when millions of us stop going out.
This president and his party really don’t care about what the American people need. Sure, making us miserable will send some people begging the government for help, and then they’ll be hooked. I know; that’s their plan. But, We the People must not fall into that trap! This is not a good way to run the country.
Fine–if they want to play it this way, they can prepare to leave Washington this November. Great! And if the Republicans are smart, they’ll hammer the media with tales of woe on the part of many millions of people of all ages, all colors, all races.
I’m not an economist but can someone explain how inflation is 8% when the price of everything is up double digits (%)?That question posed, this has nothing to do with Covid or Russia or a vast right wing conspiracy, etc. This is intentional. Cut back on supply and a deficit is created. Prices go up. Stop drilling your own crude oil, another deficit.This is incompetence. This intentional. Obama fantasized about this stuff.
If Biden and his DemocRat Commierads wanted to do great harm to the elderly retired citizens, rampant inflation of the worth of the currency is the most efficient way to accomplish that … and with minimal downside effect. Elections do matter … and rigged elections can produce chaos in the lives and rights of the citizenry … especially the retired elderly.
I’d say that those who hate are the ones who are perpetrating these disasters on the American people, namely the liberals in control.
We blame the president because he IS to blame for reversing our energy independence and begging Venezuela and OPEC and Russia for oil. Energy is the foundation of all economies. Energy skyrockets, and so does everything else. Biden in office and 42-year-high inflation rates are not a coincidence.
You’re naive to think the war in Ukraine is to blame. If we had cheaper oil, the EU could have purchased it from us instead of from Russia. At these prices, Russia is raking it in by the hundreds of billions, helping fuel Putin’s mission in Ukraine.
United we stand?? United behind what, exactly? A feckless presidency, a VP who does nothing, and their complete ignorance in economics, inflation, foreign relations, and how capitalism benefits the country and its people? Maybe you’re okay financially, but well more than half of us are feeling the pain this administration is causing–you know, the one that feels for the little guy. Get real; try to empathize at least a little bit.
So, how many other names are you using?
If after the Midterms in November and the GOP doesn’t take the majority of both Houses of Congress, then both Biden and Harris WON’T BE IMPEACHED and we will suffer for another 2 years! I, for one, will move to Texas and look for the Red States to ban together and SECEDE FROM THE UNION and FORM A NEW UNITED RED STATES OF AMERICA!
Otherwise, Socialism/Communism will succeed in DESTROYING AMERICA!
Feel bad for those trying to start retirement savings today. Only advice I can offer is put away $5.00 a week if that is all you have. Over time it will add up. Look at your monthly bills and play money. I would bet you can finds some ways to save there. It is not easy, it is not fun, but the sacrifices are worth it. We did it with 3 kids and it was worth it to get to where we are today.
To many seniors follow AARP instead of AMAC. They are buying the lies from the Demonrats. The Dems can’t win if thy don’t cheat and they always find a way to cheat.
IMHO: The so-called democrats basic idea of “inflation” is to inflate the country like a balloon until it bursts. Then, people other than the ultra-wealthy Elites will have nothing and be totally dependent on the ultra-wealthy, the NWO, for their existence. However, under these conditions, the people won’t need a retirement plan since everything will be supplied by the government. They will “have nothing and be happy!” That’s the Deep States’ stated goal.
Well, “happy” is a relative term. One persons happiness can be another persons nightmare! Will they be happy working in the various “jobs” the ultra-wealthy will provide for them to support the Elites? Will they be happy with the “entertainment” provided? Sure they will. They will be “happy” because they will have been brainwashed and they will be on hallucinogens provided by the Elites to keep the lower class higher than a kite. Programmed brains, free sex, professional sports, and drugs for entertainment. Better living through chemistry and population control. Mass Formation Psychosis!
Of course, the population must be reduced for better control, but that’s easily accomplished by making a lot of people die from vaccinations that make everyone else think is pretty natural due to some biotech pandemics! No more “families” or babies to raise; everybody lives in large multistory buildings that are much easier to control than single family dwellings; less doors and windows to guard. Free sterilization for everyone, babies come from test tubes and incubators in a laboratory and programmed for specific jobs; no more schools or school boards or teachers unions or riots, just the chaos of being insanely “happy!”
Everything is “free” except the workers who are “slaves!” The Elites will keep their slaves weak and sick enough to want to take their poison pills but strong enough to work in the jobs provided. Get too old to work and be productive? Send them to the recycling center for euthanasia! Hot damn! Everybody is happy! It’s all about “control!” What could go wrong with that?
Shades of “Brave New World.” “Soylent Green” to recycle people and take care of the burial problems and provide an easy and pleasant means to “end your life” when you get tired of all the BS or get too old to work. “Fahrenheit 451” to burn the books and erase history so people aren’t reminded of lifestyles of the past. Everyone is now equal, just some are a bit more equal than others! It’s all a game, now planned by Klaus Schwab, with Bill Gates, Anthony Fauci, Joe Biden, and other Deep State operatives, called the Great Reset, and it all started long before Schwab around 1860 or so with the Rockefellers and other wealthy banking families; they’ve been at this project for a long, long time. Big Banks, Big Pharma, Big Insurance, Big Medical, Giants of Industry all! Follow the Money! Go back and read the history before they destroy it. Educate yourselves while you still can!