Biden's Economic policies are a plus

[GMDino]

(08-08-2023, 11:30 AM)basballguy Wrote: Another sign the economy isn't as great as it's being passed off by the White House

https://www.cnn.com/2023/08/08/economy/401k-hardship-withdrawals/index.html

From the article:

Quote:However, overall employee contributions continued to hold steady for the first half of the year, and a greater share of participants upped their contribution rate than decreased it.



“The data from our report tells two stories — one of balance growth, optimism from younger employees and maintaining contributions, contrasted with a trend of increased plan withdrawals,” Lorna Sabbia, head of retirement and personal wealth solutions at Bank of America, said in a statement. “This year, more employees are understandably prioritizing short-term expenses over long-term saving.”

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While the labor market remains strong, [url=https://www.cnn.com/2023/07/27/economy/second-quarter-gdp/index.html]the economy is growing and consumers are spending, the global pandemic followed by two years of persistently high inflation have taken their toll on household finances.

This goes with something on the radio this morning about consumer focusing on savings "too much" and not spending.  And it irks me that this particular person used the word "hoarding" for individual savings when there are literal billionaires in this country while most of us are one serious illness from bankruptcy while living check to check.

It's why tax cuts for the rich don't work to stimulate the economy and we need to trickle UP not down.