In the infamous whitewashed CBS 60 Minutes interview that aired Sunday, President Donald Trump claimed that 401(k) accounts have “doubled” in the past year. Although there have been many postmortems analyzing the lies and propaganda that CBS let stand without push-back, I’ve not found any that mentioned this lie that went live without pushback.
The (EDIT) comment means CBS edited the interview after this claim.
The current median 401(k) balance for someone 55-64 is $95,642. Last year? $87,571. (Averages: $271,320 v $244,750.)
Look, we know it’s impossible for 401(k)s to have doubled on average because the stock market hasn’t doubled.
Indicators on November 6, 2025 versus November 6, 2024:
- Dow Jones: 46,912.3 (+11.1%)
- S&P: 6,720.32 (+16.2%)
- GDP: $30.62T (+11.9%)
How did the 401(k)s perform? Below market (not surprising as most are invested in conservative properties).
- Median: +9.2%
- Average: +10.8%
About three-in-five Americans have a 401(k).
It’s next-to-impossible to keep up with all of Trump’s lies. Letting this one stand unchallenged suggests news media are forgetting average Americans and non-investors (or unsophisticated investors) who can’t judge this claim for themselves.
CBS COULD have added a voice over here like it did at other points in the interview. But it CHOSE not to.
Edward R. Murrow must be turning over in his grave.
This instrument [television] can teach, it can illuminate; yes, and even it can inspire. But it can do so only to the extent that humans are determined to use it to those ends. Otherwise, it’s nothing but wires and lights in a box. There is a great and perhaps decisive battle to be fought against ignorance, intolerance and indifference. This weapon of television could be useful.
Instead, television “news” has been weaponized to foment “ignorance, intolerance and indifference.”
Known for gnawing at complex questions like a terrier with a bone. Digital evangelist, writer, teacher. Transplanted Southerner; teach newbies to ride motorcycles. @kegill (Twitter and Mastodon.social); wiredpen.com