White House Isn't Paying Attention to Americans Getting Their Retirement Plans Wiped Out

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Posted: May 18, 2022 3:35 PM
White House Isn't Paying Attention to Americans Getting Their Retirement Plans Wiped Out

Source: AP Photo/Susan Walsh

The stock market took a steep nosedive Wednesday and the Dow Jones Industrial Average plummeted by nearly 1200 points. Americans across the country are watching their retirement savings, specifically, 401k plans, get wiped out. 

"The Dow Jones Industrial Average headed for its biggest loss since 2020 on Wednesday after another major retailer warned of rising cost pressures, confirming investors' worst fears over rising inflation and rekindling the brutal 2022 sell-off," CNBC reports. "The Dow shed 1,164 points, or 3.6%, or the average's biggest decline since October 2020. The S&P 500 traded 4% lower, the biggest drop since June 2020. The Nasdaq Composite slipped 4.6%, the largest fall in the tech-heavy index since May 5. The selling was broad and intense on Wall Street with just 13 members of the S&P 500 in the green."

When asked about the situation, White House Press Secretary Karine Jean-Pierre said President Joe Biden and administration officials aren't paying attention to the losses.  

Meanwhile, warnings of a recession are growing increasingly louder as inflation continues to spiral out of control.