Headline: “Biden’s Economy Devastates Americans: Vanguard Reports Record Number of 401k Hardship Withdrawals”

As Joe Biden’s economy continues to devastate Americans, Vanguard Group has reported a record-breaking number of people making emergency withdrawals from their 401(k) retirement plans. This is due to the high inflation that is currently raging and has caused workers to access their 401Ks for an “immediate and heavy financial need.”

According to data from Vanguard, which tracks about 5 million accounts, 2.8% of workers participating in employer-sponsored 401(k) plans have made a so-called “hardship” withdrawal in 2022. This is a major increase from the 2% rate recorded before the pandemic began and is also up from the 2.1% reading in 2021.

Fiona Greig, global head of investor research and policy at Vanguard, said, “Some families may be feeling the pinch and drawing on their 401(k) balances to relieve that financial stress.”

The consumer price index, which measures a broad basket of common goods and services, rose 0.5% in January, translating to an annual gain of 6.4%. This is a clear indication that Americans are having to pay more for essentials under Joe Biden’s economy.