Staff Reports
Alright kiddos, grab your pencils and get ready for a lesson in conservative spin on the news! So, what’s the scoop? Families all over the U.S. have been swiping those plastic cards like there’s no tomorrow during the pandemic, racking up debt faster than you can say “credit limit.” The New York Fed did some snooping and found out that folks are falling behind on their payments more than ever before. Yikes!
Why are people maxing out those credit cards? Well, it seems like prices for everything have been shooting up faster than a rocket launched by Elon Musk. President Biden’s policies have been getting some flack for causing this inflation frenzy, with costs soaring by around 20 percent on average. That’s like paying $10 more for your favorite McDonald’s meal than you did back when Trump was running the show. Big Mac prices going up? Now, that’s a national emergency if you ask me!
Families racked up credit card debt and went into delinquencies at an increased rate since the pandemic, the New York Fed found Tuesday.
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— JPNWMN (@JPNWMN) May 15, 2024
And get this, in Wisconsin alone, families have had to cough up an extra $21,981 just to cover the skyrocketing living expenses under Biden. That’s a whole lot of allowance money! The Fed even found out that younger and lower-income folks are feeling the financial squeeze the most. Looks like those piggy banks are getting pretty empty these days.
But hold on to your hats, it’s not just credit card debt that’s on the rise. Bankruptcy filings are soaring, and more and more Americans are finding themselves in debt collections. It’s like a game of hot potato, but with bills instead of spuds. And let’s not forget about those pesky student loans that are now sitting at a whopping $1.60 trillion. Ouch!
To top it all off, a recent poll showed that over half of voters think their wallets are worse off under Biden’s economic plans. Only a measly 28 percent felt like Biden’s policies helped them financially. Looks like Uncle Sam might need to tighten his belt a few notches!
So, there you have it, folks! Credit card debt, inflation woes, and a whole lot of financial stress under Biden’s watch. Time to start saving those pennies in your piggy banks, because it looks like rough economic waters ahead!
