US investors have lost $7.6 trillion since Biden took office
Earlier this year, President Joe Biden boasted that the stock market had hit “record after record after record on my watch, while making things more equitable for working-class people.” Since Biden took office, U.S. investors have reportedly lost an estimated $7.6 trillion. The records purportedly set on his watch were wiped out this summer. Moreover, owing to the inflation exacerbated in part by the president’s executive orders, American working families have lost $4,200 in real income and will have to spend an additional $11,500 just to maintain past living standards.
CNBC reported that Americans’ holdings of corporate equities and mutual fund shares fell from $42 trillion at the beginning of the year to $33 trillion at the end of Q2 2022 — a $9 trillion drop.
Further precipitous drops observed since July in major market indices (e.g., the S&P 500 stock index is down 23%) as well as in the bond market (bond market index funds are down 15% this year) put estimates of wealth loss from financial markets between $9.5 trillion and $10 trillion.
It’s not just big-time traders like House Speaker Nancy Pelosi and her husband or tech billionaires who might be feeling the impact, though the wealthiest 10% of Americans have lost $8 trillion in stock market wealth this year.
Fox News Digital indicated that savers who have diligently put their money into IRAs along with pensioners and and taxpayers may be hard hit.- READ MORE
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