‘My401K’ Trends After Donald Trump Claims Retirement Accounts Will ‘Crash’ With Joe Biden At Helm
Donald Trump warned Americans that voting for Joe Biden will negatively impact their 401(k) savings and could kick millions of people off private health care. As a result, social media users began tweeting messages with the hashtag “My401K” to express how the president’s job over the past four years has impacted their lives.
“Your 401k’s will crash with Biden. Massive Biden Tax and Regulation increases will destroy all that you have built! Additionally, 180 Million People will lose their Private Healthcare Plans,” Trump tweeted on Wednesday.
Trump frequently tweets about the stock market, which has faired relatively well under his administration, though as Forbes reported earlier this year, the market did better under Bill Clinton and Barack Obama.
Social media users weighed in on the issue, with many saying that their 401(k) had suffered or they were even forced to cash it out during the novel coronavirus pandemic.
“Huh. My 401k only seems to crash under Republican administrations,” Derek Johnson tweeted.
“When I was out of work, I had to make an early withdrawal from my 401k to make ends meet—& with penalties etc I paid thousands more in taxes than alleged billionaire Donald Trump. But Trump did pay lots of tax on his secret Chinese bank account,” tweeted another individual.
Musical artist Holly Figueroa O’Reilly called out Trump’s post, saying that it was factually inaccurate and linking to a story by the Financial Times that showed Trump has lost ground with voters on the issue of the economy. A majority of people polled said that they thought Trump’s policies were hurting rather than benefiting the economy.
In the same poll, only 32 percent of respondents felt that they were better off under the Trump administration than they were previously. Additionally, only 31 percent of those polled said that they thought the economy would recover fully within a year, the lowest level since the Financial Times started asking the question.
Furthermore, 26 percent of those polled said that health care was their biggest concern financially.
Elliott Scheirman, who is running for Congress in Texas, included a link showing the S&P 500 climbing and then dropping dramatically over the past four years, pointing out that the market instability had happened under his watch.
Dr. Dena Grayson posted on Twitter that the S&P 500 had shown larger gains under Democratic leadership than under Republican presidents in recent decades.
Recent reports suggest that Trump is trailing dramatically behind Joe Biden, and strategists predict that he will lose the election if things continue as they are.