Column: Americans' Retirement Savings are in Jeopardy

Statement

It's no secret the U.S. economy is in a fragile state. Record spending and overregulation here at home are fueling inflation, and coupled with destabilized global trade, have pushed our economy into a state of recession.

In response to record inflation, the Federal Reserve is raising interest rates to slow demand and cool the economy. This, in combination with other policies from Washington, has cast the financial markets into turmoil and since the beginning of the year, stock market losses have erased $9 trillion from Americans' wealth. For individuals in retirement or on the cusp of it they will need to reevaluate their savings to see if they can still maintain their standard of living after this enormous drop.

You may wonder, what can be done to prepare or reverse the troubling course our economy is on? There are a million different answers to that question, but it boils down to American resiliency. If our leaders in Washington had the sense to utilize pro-growth policies to recover from the pandemic instead of assuming that record spending will lead us out of this mess, we would have more tools to turn to right now. Shortsighted policies from the Biden Administration, like overregulating American energy, have crippled that industry, just when we need them most to reduce gas prices in both in Europe and here at home.

Much of Americans' prosperity relies on well-functioning and reliable financial markets. The fact that the top financial leaders in our country are openly pessimistic about current projections is troubling. We may be in for a tough period of delayed retirements, fewer purchases, slower career growth, and increased personal debt or bankruptcy.

Although the situation is serious, there is a way for us to turn things around. After much feedback from constituents across the country, House Republicans have unveiled our Commitment to America and what we'll do to reverse the economic damage done over the last two years. We will work to build an economy that's strong, a nation that's safe, a future that's built on freedom, and a government that's accountable.

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