Joe Biden has pledged to defend Social Security and Medicare benefits numerous times, and he has even charged Republicans with hatching a secret plan to do so. The real threat to Americans’ retirement financial security comes from Biden’s anti-growth welfare, regulatory, tax, and employment policies, which will cause a drop in GDP, growth, employment, and wages.
Mulligan claims that under Biden, real returns on many investments have become negative and real incomes have fallen. Workers’ wages have indeed climbed steadily on paper under the Biden administration, but when adjusted for inflation, which last year reached its highest level in four decades, they have sharply declined. The value of retirement savings plans has declined by $4 trillion since Biden’s inauguration, according to a different report that was previously released by the Campaign to Unleash Prosperity.