The Patriot Post® · About Your Retirement...

The ugly reality of Bidenflation is setting in, as more and more Americans have been forced to tighten their financial belts in response to soaring prices, especially when it comes to gas. Even the Biden administration is now conceding that the 40-year-high inflation rate is not a “transitory” problem as it had previously asserted. It means far more than just a smug I told you so, however. In many cases, it means big life changes.

“I think I was wrong then about the path that inflation would take,” admitted Treasury Secretary Janet Yellen last week. “As I mentioned, there have been unanticipated and large shocks to the economy that have boosted energy and food prices and supply bottlenecks that have affected our economy badly that I didn’t — at the time didn’t fully understand. But we recognize that now.”

As the reality of longterm high inflation has set in, some troubling trends have begun to develop — including 25% of Americans having been forced to delay retirement. “Prices across the board — from cars and gasoline to groceries and other everyday essentials — are rising at the fastest pace since the 1980s,” notes BMO Harris Bank executive Paul Dilda. “Consumers must think differently about their finances in this inflationary environment.”

And consumers are thinking differently.

Recent research data shows that some 21% of Americans have reduced their retirement savings, while 36% of Americans have reduced their overall savings. Those most affected by this shift have been younger Americans ages 18 to 34, with over 60% reporting to have reduced their savings amount.

Making matters worse for Democrats come November is data like this: Financially, 80% of Americans surveyed have reported being negatively impacted and have had to change their lifestyles, including canceling vacations, eating out less, and curbing other travel.

When looking at the numbers, Bidenflation is costing the average American household an extra $5,200 annually, or $433 a month. Yet Biden’s answer to the problem has first been to deny its existence and then to blame everyone and everything else, such as Vladimir Putin’s war in Ukraine. But with Biden’s poll numbers sinking to the lowest of any modern American president, it’s clear that the American people aren’t accepting the excuses.

Furthermore, it was just over two years ago that the U.S. economy was booming thanks to Republican leadership and Donald Trump’s commitment to unleashing the bureaucratic shackles on the economy. As Representative Nicole Malliotakis (R-NY) observed: “Under Republican leadership, [America] had a strong economy with wages up, retirement plans growing [and] record low unemployment. Now under total Democrat rule, Americans are struggling with higher costs, record inflation [and] delayed retirements. We must reverse!” Exactly.