Bidenomics Is A Disaster For Current & Future Retirees

Bidenomics is a disaster for current and future retirees

By: Dennis O’Connor

A retiree’s income sources can include Social Security benefits, pension payments, annuity payments, tax-deferred IRAs or 401Ks, brokerage accounts and Roth IRAs. All have different rules on contributions and tax implications for withdrawals. There are two groups of retirees, those now retired and those who will retire in the future. All retirees will have difficulty managing life challenges with Bidenomics. For example, factors like inflation, Medicare, interest rates, taxes, and the potential for recession. These and other factors will impact those in retirement and those planning retirement. The overriding concern for both groups is that you cannot plan work history and retirement a second time. Today’s retirees are faced with fixed incomes and inflation close to 20%. Investments are slowly eroding away, even reserves. Future retirees are younger and still working. Some may have time to recover; current retirees will never have that option.

Current retirees include 18% of the U.S. population, individuals of all ethnicities many who defended the country. They were from the Silent and Boomer generations. Some are children of the Greatest Generation who experienced WWII and parents from the Great Depression. They were told to save for retirement, don’t depend on Social Security – it may not be there, contribute to a company’s 401K or put money away because the economy will grow. Women from these generations had greater challenges because of lower wages, lack of available retirement plans, and the breakdown of the family.

Future retirees will come from Gen X, with today’s population of about 65 million. Transamerica Center for Retirement Studies (TCRS) published a revealing study. Large pluralities of future retirees are pessimistic about wage growth and financial security. They found 41% of those surveyed felt that future generations of retirees will be worse off than current retirees. A report by Blackrock Investments shows that in 2023, only 53% of workers believe they are on track to retire with the lifestyle they want. This will cause an increasing trend to plan for retiring later. Growing focus will be necessary with reliance on Social Security benefits, Medicare, health and wellness, and retirement planning. Real worries and lack of confidence will have to be dealt with from a lack of retirement income caused by market volatility and high inflation.

America’s current and future retirees are frightened. The Consumer Price Index shows that prices have risen 19.4% since Joe Biden took office. That means 33 months of consumers watching their retirement funds disappear. Biden describes “Bidenomics” propaganda as growing the economy from the middle out and the bottom up, not the top down. It’s stated as an economic vision where government educates and empowers American workers, which promotes competition to lower costs and help small businesses.

The economy has been defined by sky-high inflation and a robust labor market. While price increases may be slowing, costs remain elevated for staples like groceries, home necessities, and gas. The Federal Reserve’s attempt to tame inflation has impacted interest rates to 8%, the highest mortgage rates in 24 years making home ownership unattainable. A recent poll by the Associated Press found that two-thirds of Americans disapprove of how Biden has handled the economy. According to a CNN poll over three-quarters feel the economy is in poor shape. Democrat economist Larry Summers made waves with highly critical remarks about Bidenomics and administration policies. One senior voter calls it a “jumbled mess.”

Image: PxHere (public Domain) – from original article

Current retirees are the forgotten generation because of their age and life challenges, which are not clearly understood. Sadly, inflation has very much eaten away at their savings. Future Gen X retirees will represent the largest group of retirees in the history of the country. These soon-to-be retirees face unprecedented challenges in securing protected income that will last. News commentators, news editors, social media, congressmen and women, have never experienced retirement. They lack empathy, especially with all the critical life decisions that will have to be made. Unfortunately, we have a President who is more interested in selling the Bidenomics fantasy versus achieving reality.


This article (Bidenomics is a disaster for current and future retirees) is republished here under “Fair Use” (see disclaimer below this article) with attribution to the articles author Dennis O’Connor and the website

TLB Project recommends that you visit the American Thinker website for more great articles and information.

Image Credit: Photo (cropped) in Featured Image (top) – “Joe Biden” by Gage Skidmore is marked with CC BY-SA 2.0.


Related Articles:

Mounting Deficits Mark The US’s Road To Ruin

Food Insecurity Crisis Erupts: 17 Million Households Starving in America!

Biden Administration Runs Third-Largest Budget Deficit In History

Bidenomics: National Debt Increases By Another Half-Trillion In Just 20 Days



Click Here to Visit the Site


Welcome to the TLB Project Neighborhood

TLBTalkRepublic Broadcasting NetworkThe Liberty BeaconThe Butcher Shop



Stay tuned to …


The Liberty Beacon Project is now expanding at a near exponential rate, and for this we are grateful and excited! But we must also be practical. For 7 years we have not asked for any donations, and have built this project with our own funds as we grew. We are now experiencing ever increasing growing pains due to the large number of websites and projects we represent. So we have just installed donation buttons on our websites and ask that you consider this when you visit them. Nothing is too small. We thank you for all your support and your considerations … (TLB)


Comment Policy: As a privately owned web site, we reserve the right to remove comments that contain spam, advertising, vulgarity, threats of violence, racism, or personal/abusive attacks on other users. This also applies to trolling, the use of more than one alias, or just intentional mischief. Enforcement of this policy is at the discretion of this websites administrators. Repeat offenders may be blocked or permanently banned without prior warning.


Disclaimer: TLB websites contain copyrighted material the use of which has not always been specifically authorized by the copyright owner. We are making such material available to our readers under the provisions of “fair use” in an effort to advance a better understanding of political, health, economic and social issues. The material on this site is distributed without profit to those who have expressed a prior interest in receiving it for research and educational purposes. If you wish to use copyrighted material for purposes other than “fair use” you must request permission from the copyright owner.


Disclaimer: The information and opinions shared are for informational purposes only including, but not limited to, text, graphics, images and other material are not intended as medical advice or instruction. Nothing mentioned is intended to be a substitute for professional medical advice, diagnosis or treatment.

Be the first to comment

Leave a Reply

Your email address will not be published.