MOORESTOWN, NJ— Burlington County business owner and congressional challenger Bob Healey today issued the following statement:
“Two years ago, Congressman Kim tried to assure retirees he was on their side, promising, “I will keep fighting to ensure … our seniors have what they need to stay healthy, and weather the economic impact, in these trying and troubling times.”1
Now, after voting for trillions in additional spending, Andy Kim has little to say about inflation, his party’s contribution to the problem, and the economic impact on seniors.
There are over three million New Jerseyans age 50 and up, and the majority of those individuals are on fixed incomes.2
Either Andy Kim doesn’t get it or he doesn’t care about inflation’s devastating impact on retirees and near-retirees who live on fixed incomes.
Congressman Kim, who sits comfortably in a Washington bubble, cannot relate to seniors who largely live off income from investments and guaranteed sources such as Social Security or pensions.
Stocks and bonds are down this year, inflation is eroding cash, and some income streams may get paltry cost-of-living adjustments. Older Americans have a tougher time adjusting to higher consumer prices than workers, who continue to get paychecks.3
The financial markets’ reaction to Biden policies for which Andy Kim has been an unabashed cheerleader, has resulted in a stock market fall that’s wiped out $3 trillion in retirement savings this year.4
Our retirees are no longer getting paychecks — besides having Social Security, they depend on income from pensions and annuities and 401K accounts.
A recent study from the Boston College’s Center for Retirement Research reports that 401(k) plan participants have lost about $1.4 trillion from their accounts since the end of 2021. People with IRAs — most of which are 401(k) rollovers — have lost $2 trillion this year.5
With Biden-Inflation at a 40-year high, Congressman Kim needs to apologize to his older constituents for breaking his pledge ‘to ensure …our seniors have what they need to stay healthy, and weather the economic impact….’
Andy Kim’s enthusiastic ‘help’ to pump trillions into the money supply is one major reason inflation is hurting seniors.”
1 “Congressman Kim Calls for Renewed Effort to Help Seniors Through Coronavirus Crisis on Call with AARP Members”, Press Release, Office of rep. Andy Kim, https://kim.house.gov/media/press-releases/congressman-kim-calls-for-renewed-effort-to-help-seniors-through-coronavirus-crisis-on-call-with-aarp-members , May 1, 2020.
2 Almost 3.3 million residents of the state are 50 or older; https://www.seniorliving.org/new-jersey.
3 “It’s a daunting time for retirees, who face the biggest inflation threat, financial advisors say”, CNBC, https://www.cnbc.com/2022/06/15/its-a-daunting-time-for-retirees-who-face-biggest-inflation-threat-advisors-says.html, 06/15/2022.
4 “Stock market’s fall has wiped out $3 trillion in retirement savings this year, ”https://www.cbsnews.com/news/stocks-drop-recession-retirement-savings-401k-ira-3-trillion-2022.
5 “What is a 401(k)? What to know about this retirement investment vehicle,”CBS News, 06/14/22.
Original source can be found here.
