If Mike Johnson was expecting a honeymoon period following his election as Speaker of the House -- and he probably wasn't -- the leftwing media was quick to disabuse him of that notion. Hit pieces began almost immediately, questioning his lack of a previous leadership role in the House (is that a bad thing?), mocking his Christian beliefs and outward expressions of his faith, and, horror of horrors, that darn habit of his of being an all-around nice guy.
The Atlantic even went so far as to probe the background of his great-great-great grandfather, who was a Confederate soldier. Hardly surprising, considering the deep ties Johnson's family has to Louisiana. We all know the insidious intent of the "journalist" who undertook this ignoble effort: To tear down a guy who seemingly has no skeletons in his closet.
The most recent effort to slime Johnson came earlier this week via The Daily Beast. Writer Matt Fuller gleefully dug into Johnson's finances, and Fuller really, really thought he had uncovered something big in revealing that, unlike most politicians (see: former speaker Nancy Pelosi and her freezer full of gourmet ice cream), Johnson isn't wealthy.
Mike Johnson doesn't have any retirement savings, own a single stock, or have any assets at all. He has less than $5,000 in his bank account.
— Matt Fuller (@MEPFuller) November 1, 2023
He's got a 250-500K mortgage, a home equity loan, and a personal loan.
So what's his retirement plan? To lobby? https://t.co/xPzUPqqc4w
Shock and horror! Mike Johnson is just like most Americans! And, at age 51, his financial portfolio looks a whole heckuva lot like those of his fellow Gen Xers.
Generation X refers to individuals born between 1965 and 1980, that's about 64 million Americans or nearly 20% of the U.S. population. This past summer, there was a flurry of articles published about the dire situation Gen X faces when it comes to preparing for retirement, with the average Gen Xer only having around $40,000 saved. Nearly 40% have nothing saved at all.
This isn't great considering the oldest members of the generation are nearly at retirement age, and Gen Xers know well not to rely on Social Security to see them comfortably through their golden years.
From the Social Security website:
As a result of changes to Social Security enacted in 1983, benefits are now expected to be payable in full on a timely basis until 2037, when the trust fund reserves are projected to become exhausted.
Gen X never even stood a chance.
There are a multitude of other reasons that Gen Xers like Mike Johnson may not have had the resources to save abundantly for retirement. Student loans, for one. Many Xers are still paying those off. Stock market fluctuations haven't been great for 401ks. Pensions are no longer a thing. Housing prices are insane in many areas of the country. Food's not so cheap these days, either. Same for health care.
And Gen X isn't just the "forgotten generation," it's also now the "sandwich generation," meaning it's shouldering the burdens of caring both for their minor children -- and, increasingly, their adult children returning home -- and their aging parents.
So, when the Matt Fullers and The Daily Beasts of the world mock Mike Johnson for his financial situation, perhaps they should consider committing an act of journalism by digging deeper into the plights of many Americans who are in the same boat as Johnson. It's not atypical. It's not funny. It's reality.
Mike Johnson is going to be just fine, of course. As RedState's Ward Clark pointed out, Johnson's years in the House made him eligible for the congressional pension system. He'll be able to hit the speaker circuit at some point, too, which has greatly enriched the likes of the Clintons and Obamas.
Perhaps Mike Johnson will use his position as speaker to champion sensible financial legislation that will help his fellow Gen Xers better save for their looming retirements. This generation has had precious few political leaders emerge with common sense agendas -- maybe their time has come?
