Staff Reports
A recent study conducted by LendingClub has revealed that a whopping 62% of Americans are living paycheck to paycheck under President Joe Biden’s economic policies. This alarming statistic raises concerns about the effectiveness of Bidenomics and its failure to improve the lives of average Americans. It comes as no surprise that polling data shows only 14% of voters feel that Biden’s economic policies have actually helped them, while a whopping 85% believe that they have either hurt them or made no difference.
The study conducted by LendingClub found that the percentage of adults living paycheck to paycheck has increased from 58% in March to 62% in December. What’s even more surprising is that 40% of consumers living paycheck to paycheck actually have super-prime credit scores. Additionally, 57% of consumers who own credit cards are also living paycheck to paycheck. This suggests that the struggles Americans are facing in managing their finances are not limited to those with poor credit scores.
REPORT: Bidenomics; 62% Of Americans Living Paycheck To Paycheck During Holiday Season! https://t.co/ARji8o5vPL
— John Basham (@JohnBasham) December 19, 2023
As we approach the holiday season, it is expected that holiday spending will increase by 3% to 4% compared to last year, reaching a record-breaking total of $957.3 billion to $966.6 billion, according to the National Retail Federation. However, despite the already skyrocketing credit card debt, a staggering 96% of shoppers admitted that they expect to overspend this season, according to a separate survey by TD Bank. In fact, half of consumers are planning to take on even more debt in order to cover their holiday expenses, while only 23% have a plan to pay it off within one to two months, as reported by Ally Bank.
Interestingly, a recent poll conducted by the Wall Street Journal revealed that a majority of Americans believe that former President Donald Trump’s economic policies personally benefited them. In contrast, a mere 23% felt the same about Biden’s policies. This adds insult to injury for Biden, whose job approval ratings continue to decline. Even Democrat David Axelrod expressed his concerns, stating that the low job approval ratings and the possibility of being fired do not bode well for Biden’s presidency.
It is clear that Bidenomics has had a detrimental impact on the financial well-being of Americans, with a majority of them struggling to make ends meet. The promise of economic relief appears to be nothing more than a photo-op with a Bidenomics sign. As Americans celebrate Christmas in Biden’s economy, they are left longing for the economic prosperity they experienced under Trump’s policies.
