Newsweek: Donald Trump accuses US President Biden of impoverishing young Americans
Politician and businessman Donald Trump accused US President Joe Biden of having no savings for American millennials and Generation Z during his time in office. The ex-president spoke about the impoverishment of youth at the conservative Turning Point Action Conference, transmits Newsweek edition.
“In the Biden economy, a third of Generation Z and millennials have no savings accounts and no savings at all,” Trump said.
Among other arguments against Biden’s economic policy, Trump cited inflation, the cost of mortgages and wages – these problems have affected Americans of all ages. Young people (31 percent of Generation Z and 23 percent of Millennials) are not saving for retirement, according to Bankrate data for 2023. This year, six out of ten people aged 18 to 24 have savings of less than $1,000, and 31 percent of youth are saving less than $100, according to a GOBanking Rates survey.
However, if you look at studies from earlier years, it turns out that a similar problem of impoverishment of young Americans was observed during the presidency of Donald Trump, and in even earlier years, the newspaper writes. This can be caused by a number of reasons: the stagnation of the global economy since the 2010s, inflation, and wage inequality. All of this may have forced young people to cut back on savings over the past ten years.
Earlier, Trump criticized President Biden for his foreign policy. He believes that the current American leader “is not capable of doing business with world leaders.”
#Trump #accuses #Biden #impoverishing #young #Americans