In President Joe Biden’s America, new reports show that many Americans are living paycheck to paycheck due to massive inflation. Due to the holiday season, the amount of Americans going further into debt is expected to increase.
A recent poll by LendingClub reported that 62% of Americans live paycheck to paycheck in December, compared to 58% in March.
While Bidenomics was supposed to help Americans fare better economically, it did the opposite. A FOX News poll reported that 85% of Americans believe Biden’s policies made their financial situation worse or have seen no change. Only 14% of respondents believe Biden’s economic policies have helped them.
Bidenomics. https://t.co/NApqEnL3Ng
— Catturd ™ (@catturd2) December 19, 2023
According to the National Retail Federation, holiday spending from November 11 to December 31 this year is expected to increase between 3% and 4% from last year to a record total of $957.3 billion to $966.6 billion.
Even though many Americans reported barely getting by, about 96% of shoppers said they expect to overspend over the holidays.
“Credit cards can be an important financing option that credit-savvy consumers use to better manage their cash flows, though it’s concerning that many consumers revolved their credit card balances regardless of financial lifestyle,” said Alia Dudum, LendingClub’s money expert.
Dudum noted that credit cards keep many Americans in debt. Unfortunately, this is no surprise since credit card debt has reached a record $1 trillion.
According to a report by Ally Bank, half of American consumers will take in more debt to cover their holiday expenses, with many needing a plan to pay it back quickly. Only 23% surveyed reported having a plan to pay their debt back within one to two months.
“While inflation has slowed, household budgets have not recovered from its squeeze,” said Democratic pollster Chris Anderson, who conducts Fox News surveys with Republican Daron Shaw. “Economic indicators suggest more individuals should start feeling increased spending power soon so maybe the outlook will improve next year, but right now it remains grim.”
While the Biden Administration insists that the economy is doing great, the data reflects the opposite. Perhaps, they should speak to the 74% of Americans who reported in a CNBC Your Money Financial Confidence Survey that they often stress about their finances due to rising interest rates, inflation, and little to no savings.
KARINE JEAN-PIERRE defends the "Bidenomics" failure: "There are historical actions that this president has taken that has shown, the data shows, that the economy is in a better place!" pic.twitter.com/wR0JeRGtaT
— RNC Research (@RNCResearch) December 19, 2023
