What does the MAGA created debt crisis mean for you? “Your 401(K) is now a 201(K).” - MSN
Many of the same Republicans who took the economy hostage in 2011 crashing the stock market and retirement savings, are at it again. In 2011 it was the Tea Party Republicans. Now it is the MAGA Republicans who have taken the economy and your 401K Hostage. 'It's deja vu all over again' - Yogi Berra
In 2011 Republicans wanted to kill Obamacare. In 2023 MAGA Republicans want to slash Medicaid, Social Security and Food Stamps to fund tax cuts for their billionaire donors. How could this impact your 401K? Follow the money with this Relationship Map. See if you can spot:
- How far did the stock market crash in the last Republican hostage taking?
- Who are three Republicans involved with both the 2011 and 2023 hostage takings?
- Did Harlan Crow, billionaire friend of Clarence Thomas help fund Freedom Works and the Tea Party?
- Which Republican with 13 charges from the Department of Justice will help decide if seniors should get healthcare and food stamps?
- Which billionaire donor to the Freedom Party initially fund Tucker Carlson?
Retirement accounts lost 32% of their value
Retirement money in the United States is tied up in 401(k)s, individual retirement accounts and other accounts that depend on a healthy stock market to grow, a default could cause their savings to tumble in a hurry. Look no further than the 2008 financial crisis, when retirement accounts lost 32% of their value (about $2.8 trillion) as of Dec. 2 of that year, according to an analysis from the Urban Institute.
The White House issued a notice assessing the potential impact of a government default. It cited a Council of Economic Advisors (CEA) analysis estimating that in the 2023 third quarter — the first full quarter of the simulated debt ceiling breach — the stock market would plummet 45%, leading to a “hit to retirement accounts.” - NASDAQ
The potential for a stock market sell-off that would gut retirement accounts worries some observers more than the implications of a potential default for cash investments. A protracted default would slice 45% of value from the stock market, according to the White House’s Council of Economic Advisors.
And if that happened? “Your 401(K) is now a 201(K),” said Jason Fichtner, vice president and chief economist at the Bipartisan Policy Center, a Washington, D.C.–based think tank that promotes bipartisanship. - MSN
Follow the money
Who funded Freedom Works and the Tea Party that caused the 2011 Debt Crisis? Why would billionaires create a stock market crash to deny Americans getting affordable healthcare? Why do these billionaires at the same time shower Supreme Court justices with gifts and undisclosed trips? Some of the billionaires behind the 2011 fringe Tea Party group are now funding MAGA Republicans who have taken the American economy hostage.
TakeAway: Don't let your 401K become a 201K. Call your Republican MAGA rep to demand an end to hostage taking.
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