With Friday’s losses (12/30/2022), the S&P 500 fell 19.4% in 2022, its largest calendar-year decline since a 38% drop in 2008. Closing at 3,839.50 on Friday, the S&P 500 now stands at the same level as March 2021.
The Nasdaq Composite dropped 33% in 2022 and stands at the same level as July 2020.
The Dow, meanwhile, fell a comparably modest 9% in 2022, while the bond market suffered through its worst year in modern history.
During the last year, 401(k) balances have dropped 22.9%, according to a Fidelity Investments analysis of 24,500 corporate retirement accounts.
The average American has lost $4,200 in annual income since President Biden took office — entirely wiping out gains made under the Trump administration, an analysis from the Heritage Foundation shows.
Joyce and I shifted our retirement accounts from the market to standard IRAs at our credit union. While we did not see the big gains under Trump, we also have not seen the big losses under Sleepy Joe. For now, we will just keep on down our current path and hope eventually that younger voters will see that the liberals have really screwed them.
That was a very smart move, Rich. Wish I’d done that.