The economy is getting worse and worse in our country. While the Democrats keep trying to push positive news about the state of the economy, the reality is actually very dire.
With an interest rate hike and inflation growing, ordinary Americans are having trouble keeping their refrigerators full.
Now, news is breaking about just how serious a crisis this has become. Welcome to the harsh reality of Joe Biden’s America.
60% of Americans Living On the Edge
Frozen wages and inflated prices are causing many sleepless nights for people across the country. New info from LendingClub indicates 60% of Americans are one paycheck away from being on the street.
Living paycheck to paycheck is not the marker of a healthy economy and it shouldn’t be something that’s happening in 2022.
Let’s face it: America has the highest inflation in half a century and even the wealthy are suffering. In fact, high-income earners used credit lines by 10% more so far this year than they did in 2021.
It seems nobody’s wallet is safe in Joe Biden’s America.
60% of Americans are now living paycheck to paycheck 🤯
— Dan Held (@danheld) October 4, 2022
What Does the Survey Say?
According to Anui Nayar of LendingClub, America is in a serious financial hole in terms of consumers who just can’t afford what they need.
Many people are searching for additional sources of income. They are unable to buy as much as usual which is also causing a slowdown in the consumer sector.
Inflation is decreasing sales and the rise in prices is becoming a serious crisis, especially when people aren’t seeing a correlating rise in their wages.
When the money’s not there, your choices become very limited; you have to try to find extra work, cut back expenses, or both.
The main factor is the supply of currency. When too much money is injected into the economy and big government spending goes wild, you end up with massive inflation and rises in consumer goods pricing.
In August this year alone, the rise in prices of services and consumer goods went up by more than 8%. We saw huge jumps in the price of food, energy, and health costs.
60% of Americans are living paycheck to paycheck.
45% of six-figure earners are living paycheck to paycheck.
No wallets are safe in Joe Biden's economy.
— Stephen Moore (@StephenMoore) September 30, 2022
Financial Anxiety on the Rise
Polling from Bank of America shows more than 70% of Americans are dissatisfied with rising inflation and upset about their wages remaining stagnant.
It’s not surprising that most people feel financially insecure and it’s been getting steadily worse over the past five years.
More and more people have had to dip into their savings, which is what leads to the majority of Americans now living between paychecks.
The more that people rely on their credit cards, the more dangerous this becomes, as losing their job will put them in a position with no savings and serious debts.
Many have increased the limit of the balance of the cards as well, which is not a solution by any means; the snowball of interest is something nobody wants to think about.
This article appeared in FreshOffThePress and has been published here with permission.