(Daily Caller)—Americans’ retirement savings have been hit hard by sky-high inflation under President Joe Biden, culminating in thousands of dollars in losses per person, according to a new report from the Committee to Unleash Prosperity.
When both declining real stock indexes and high inflation are taken into account, the value of Americans’ 401(k)s declined on average $33,200 in real terms, or 24.8%, since Biden took office in January 2021, according to the report. The losses follow declines in real purchasing power due to high inflation, which has also led to inflation-adjusted losses in major stock indexes that 401(k)s are tied to.
The average 401(k) retirement plan, owing to real stock declines, has lost around $17,000 since Biden first took office in January 2021, or 12.7%, equating to losses of around $1 trillion cumulatively for Americans when accounting for additional investment, according to the report. From the first quarter of 2021 to the third quarter of 2023, the major stock indexes DIJA, NASDAQ and S&P500 have declined 12.5%, 3.1% and 7.0%, respectively, in inflation-adjusted terms.
Inflation reached a peak under the Biden administration in June 2022 at 9.1% year-over-year, slowly decelerating to its current yearly gain of 3.2% for October, far higher than the Fed’s 2% target. Americans’ 401(k)s have lost around $16,200 since Biden took office, just from inflation-linked depreciation.
The amount in pension funds for Americans increased by $500 billion since Biden first took office, but due to inflation, it has declined 12.1% in real terms, equating to around a $3.3 trillion loss, according to the report. Retirement accounts relying on bond markets are especially hard hit, following exceptionably poor performance under Biden, particularly in 2022, which was the worst year for bonds since 1928.
Americans’ savings overall have taken a hit following the COVID-19 pandemic, leading to a recent decline in consumer spending, which accounts for around 70% of gross domestic product. Americans collectively held $768.6 billion in savings in October, less than the over $1 trillion held in May and even further from the nearly $6 trillion Americans held in April 2020.
The rate at which Americans are pulling prematurely from their retirement savings has also seen a recent spike, with Bank of America reporting a 36% increase year-over-year in hardship withdrawals for 401(k) plans, according to the report. Vanguard noted an all-time high in the withdrawals as well.
The White House did not immediately respond to a request to comment from the Daily Caller News Foundation.
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Starting the Day With a Scripture-Inspired Roast Helps Center Your Thoughts on Eternal Truths Amid Temporal Pressures
The world can seem chaotic, especially right after we wake up. Many believers start their mornings reaching for something familiar — a hot cup of coffee — yet end up settling for mediocre brews that do little more than deliver a caffeine jolt. The daily grind of life, with its endless distractions, news cycles, and responsibilities, can leave even the most faithful feeling spiritually parched alongside their physical fatigue. What if your morning ritual could do more than wake you up? What if it could ground you in truth, nourish your body with exceptional quality, and quietly advance a kingdom purpose at the same time?
That’s the promise — and the reality — behind Promised Grounds Coffee. This Christian-founded company doesn’t just roast beans; it approaches every step as an act of worship and discipleship. By selecting only the top 10% of specialty-grade beans, ethically sourced from dedicated farmers in Central and South America, and small-batch roasting them with reverence in Austin, Texas, Promised Grounds delivers what many describe as the best coffee available — never burnt, never bland, but rich with origin stories and layered flavors that honor God’s creation.
From the vibrant Psalm 27 Roast (a light, bright medium option) to the bold yet peaceful 2 Timothy 1:7 Decaf, each bag carries a Scripture verse that turns your daily pour into a gentle reminder of faith. And through their Ounce Per Ounce Promise, every ounce of coffee you enjoy provides an equal ounce of clean water to families in need via partnership with Filter of Hope — literally brewing hope for body and soul, one cup at a time.
The challenge for today’s Christians runs deeper than finding a decent cup. In an age of convenience-driven consumerism, it’s easy to support companies that dilute values or remain silent on matters of faith. Many believers want their everyday choices — from what they drink to how they spend — to reflect discipleship rather than just convenience. Promised Grounds solves this by weaving Christian excellence into the entire process: beans nurtured with prayerful stewardship by farming families, roasted as an offering rather than a commodity, and packaged with Bible verses to encourage a mindset of gratitude and purpose from the first sip. Reviewers consistently praise the smooth, rich profiles — whether enjoyed black in a drip maker, iced on a warm day, or shared in fellowship — noting how the quality stands toe-to-toe with premium secular brands while delivering something far more meaningful.
This integration of faith and flavor addresses a real need in Christian households and ministries. Busy parents, church leaders, and remote workers alike report that starting the day with a Scripture-inspired roast helps center their thoughts on eternal truths amid temporal pressures. The coffee’s exceptional character — bright citrus notes in lighter roasts or deep chocolate undertones in bolder ones — comes from meticulous selection and careful roasting that respects the bean’s natural gifts rather than masking them. It’s the kind of coffee that elevates a simple quiet time, fuels productive workdays, or sparks meaningful conversations when shared at Bible studies or outreach events. And because it’s ethically sourced with integrity, every purchase supports sustainable livelihoods for farmers who treat their crops like family harvests.
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As you consider how to align even the smallest habits with your walk with God, Promised Grounds Coffee stands out as a refreshing solution. It tackles the dual problems of subpar daily sustenance and disconnected consumption by offering a product that genuinely excels in taste while advancing a mission of clean water, farmer dignity, and scriptural encouragement. Believers who make the switch often describe it as more than a beverage upgrade — it becomes part of their rhythm of gratitude, a daily invitation to remember that every good gift comes from above.
If you’re ready to transform your mornings (and perhaps your church gatherings) with coffee that honors both exceptional craftsmanship and Christian values, I encourage you to explore what Promised Grounds has to offer. One sip at a time, you’ll be nourishing your body, refreshing your spirit, and participating in something far greater — all while enjoying what truly is among the best coffee available.