But the gains in 401(k) savings are being used as a political cudgel by conservatives who desperately want to own the libs and show them how well the Trump administration is doing (or in their parlance, winning).

Yes. This is precisely the same thing as the liberals did for the last seven years of the Obama Administration, as the market was reverting to mean and feeding off 0% interest rates.

Attributing the 401(k) gains solely to Trump is a rich irony considering that the majority of the stock gains people are now enjoying occurred under former President Obama — although you’ll never hear that admission from the conservative news machine.

Perhaps that’s because what’s blatantly obvious isn’t generally considered “news”.

However, when the entire anti-Trump world predicts global economic meltdown if Trump is elected, and the very next day the market takes off on a 30% run over the next 14 months……that’s news.

The irony is even richer considering the Trump White House briefly toyed with the idea of reducing the amount of money Americans could contribute to their 401(k)s each year.

What’s even richer is that politicians under Obama toyed with the same ideas.

Couple that with the fact that nearly half of all U.S. households have nothing saved for retirement at all, and it seems that people are overstating the impact of 401(k) gains, and Trump’s role in that development.

Hm. Let’s work through the “logic” there.

Because (a) a large minority Americans do not avail themselves of the stock market and their 401K opportunity, then (b) the stock market going up, which benefits a slight MAJority of Americans in their retirement accounts……is not a good thing?

Did that seem…… SANE to you, when you wrote it? Really?

“People think that the President is a benevolent despot determining our fortunes when in reality, the President is just sitting in the co-pilot seat of a plane that’s already on auto-pilot.”

That’s entirely correct. However, as long as the horn tooting comes from one party, it’s going to going to come from the other party as well.

Written by

Data Driven Econophile. Muslim, USA born. Been “woke” 2x: 1st, when I realized the world isn’t fair; 2nd, when I realized the “woke” people are full of shit.

Get the Medium app

A button that says 'Download on the App Store', and if clicked it will lead you to the iOS App store
A button that says 'Get it on, Google Play', and if clicked it will lead you to the Google Play store