• Latest
  • Trending
  • All
  • News
  • Business
  • Lifestyle
Biden’s America: Majority Living Paycheck to Paycheck, Even Six-Figure Earners Overwhelmed

Biden’s America: Majority Living Paycheck to Paycheck, Even Six-Figure Earners Overwhelmed

September 4, 2023
STEVE MILLOY: Trump Closes Notorious EPA Lab That Conducted Illegal Human Experiments

STEVE MILLOY: Trump Closes Notorious EPA Lab That Conducted Illegal Human Experiments

June 22, 2025
Report: Pete Hegseth Previously Investigated, ‘Cleared’ for ‘Alleged Sexual Assault’

Hegseth Calls Strikes on Iran ‘Incredible and Overwhelming Success’

June 22, 2025
How Iran Could Shake Up Global Economy In Response To US Strikes

How Iran Could Shake Up Global Economy In Response To US Strikes

June 22, 2025
Netanyahu Presents Fetterman With ‘Silver-Plated Beeper’

Israeli President Says Its ‘Not Dragging America’ into War With Iran

June 22, 2025
VP Candidates Waltz, Vance to Debate Oct. 1

JD Vance: US Is ‘Not at War’ With Iran, ‘We’re at War With Iran’s Nuclear Program’

June 22, 2025
Mexican Mayor Exposes Cartel Training Camp with Colombian Terrorists

Mexican Mayor Exposes Cartel Training Camp with Colombian Terrorists

June 22, 2025
Alcalde Mexicano Denuncia Narco-Campamento de Entrenamiento con Terroristas Colombianos

Alcalde Mexicano Denuncia Narco-Campamento de Entrenamiento con Terroristas Colombianos

June 22, 2025
Trump Calls On Waffling Congress To Crush Biden’s Green ‘SCAM’

Trump Calls On Waffling Congress To Crush Biden’s Green ‘SCAM’

June 21, 2025
No, Yellowstone Is Not Up For Sale, Senator Leading Charged Public Lands Bill Says

No, Yellowstone Is Not Up For Sale, Senator Leading Charged Public Lands Bill Says

June 21, 2025
SETH ORANBURG: CLARITY Now: Congress Must Bring Truth to Crypto Markets

SETH ORANBURG: CLARITY Now: Congress Must Bring Truth to Crypto Markets

June 21, 2025
JD FOSTER: The Senate Should Pass The Recissions Package Quickly

JD FOSTER: The Senate Should Pass The Recissions Package Quickly

June 21, 2025
DAVID BLACKMON: Trump And Wright Move To Speed Nuclear Expansion

DAVID BLACKMON: Trump And Wright Move To Speed Nuclear Expansion

June 21, 2025
  • Donald Trump
  • State of the Union
  • Elon Musk
  • Tariffs
  • Congress
  • Faith
  • Immigration
Monday, June 23, 2025
  • Login
IJR
  • Politics
  • US News
  • Commentary
  • World News
  • Faith
  • Latest Polls
No Result
View All Result
IJR
No Result
View All Result
Home News

Biden’s America: Majority Living Paycheck to Paycheck, Even Six-Figure Earners Overwhelmed

by Western Journal
September 4, 2023
in News
242 10
0
Biden’s America: Majority Living Paycheck to Paycheck, Even Six-Figure Earners Overwhelmed

WASHINGTON, DC - SEPTEMBER 1: U.S. President Joe Biden arrives to speak about the August U.S. Jobs and Employment report in the Rose Garden at the White House on September 1, 2023 in Washington, DC. The U.S. added 187,000 jobs in August. (Photo by Anna Rose Layden/Getty Images)

491
SHARES
1.4k
VIEWS
Share on FacebookShare on Twitter

A new report said a majority of Americans are just squeaking by as a mountain of debt grows taller and taller.

As of July, 61 percent of adults in a LendingClub survey said they were living paycheck to paycheck, according to CNBC.

The study found that 78 percent of consumers who earn under $50,000 a year and 65 percent of those who make between $50,000 and $100,000 annually were living paycheck to paycheck in July.

Forty-four percent of those earning more than $100,000 a year were living check to check, the study said.

“Consumers are undoubtedly continuing to feel the impact of inflation and rising interest rates,” said Chris Fred, the head of TD Bank’s credit cards and unsecured lending.

Credit card debt reached $1.03 trillion in the second quarter of the year, according to The Week. Credit card delinquencies hit 7.2 percent.

“The increase in delinquencies and defaults is symptomatic of the tough decisions that these households are having to make right now — whether to pay their credit card bills, their rent or buy groceries,” said Mark Zandi, Moody’s Analytics chief economist, according to The Washington Post.

The Post noted that the annual credit card interest rate is 20.6 percent.

“People don’t like going into default or delinquency with credit cards — it makes a lot of people feel very nervous and unhappy,” said Neil Saunders, managing director for retail at GlobalData. “It underlines how much some consumers are under pressure, and it’s one of the cracks that’s appearing in the consumer economy.”

Economist David Rosenberg said a recession is looming, and debt could be what pushed the nation into one, according to Insider.

“We just replaced credit cards with what happened with subprime mortgages 15 years ago. This is how a recession starts, it starts with a significant erosion in credit quality in one particular asset class, and right now you’re seeing it in credit cards, and it is not insignificant, even though it’s not residential mortgages [like 2008],” he said.

“We’ve had a massive interest rate shock; we haven’t seen the full impact yet. Part of this has been blunted by two things, student debt relief — done — and stimulus checks of over $2 trillion — done. On top of that, we have China seemingly heading into some sort of recession. Certainly it’s already entered a structural slowdown that’s bumping up against a cyclical slowdown, and it is exporting deflation to the rest of the world.”

Bidenomics is making life worse for Americans, House Ways and Means Committee Chairman Jason Smith, a Missouri Republican, said in a statement on his website.

“The American people are still being throttled by the Biden administration’s disastrous agenda and reckless spending. Under Republican economic policies, job growth reached historic highs while lower-income workers saw fifty percent higher wage growth than high-income earners,” he said.

“Today, under President [Joe] Biden, the situation is reversed, and lower-income workers are suffering the most: 63 percent of Americans are living paycheck to paycheck. This has been exacerbated by higher prices that have robbed every working family of $10,000 per year and stifled economic growth,” he said.

Overall, the cost of living has risen 16 percent from inflation since Biden took office, Tiana Lowe Doescher wrote in an Op-Ed in the Washington Examiner. That means Americans have lost 16 percent of their spending power.

“The numbers are even more egregious when you break them down by the categories on which the least privileged spend a disproportionate amount of their incomes,” Doescher wrote.

“The consumer price index specifically for food is up 19 percent since January 2021, and electricity prices are up 23 percent,” she said. “Used car prices are up a staggering 30 percent, and car repairs cost 23 percent more than two years ago.”

This article appeared originally on The Western Journal.

Tags: Biden administrationeconomicsInflationmoneyrecessionU.S. News
Share196Tweet123
Western Journal

Western Journal

Advertisements

Top Stories June 10th
Top Stories June 7th
Top Stories June 6th
Top Stories June 3rd
Top Stories May 30th
Top Stories May 29th
Top Stories May 24th
Top Stories May 23rd
Top Stories May 21st
Top Stories May 17th

Join Over 6M Subscribers

We’re organizing an online community to elevate trusted voices on all sides so that you can be fully informed.





IJR

    Copyright © 2024 IJR

Trusted Voices On All Sides

  • About Us
  • GDPR Privacy Policy
  • Terms of Service
  • Editorial Standards & Corrections Policy
  • Subscribe to IJR

Follow Us

Welcome Back!

Login to your account below

Forgotten Password?

Retrieve your password

Please enter your username or email address to reset your password.

Log In
No Result
View All Result
  • Politics
  • US News
  • Commentary
  • World News
  • Faith
  • Latest Polls

    Copyright © 2024 IJR

Top Stories June 10th Top Stories June 7th Top Stories June 6th Top Stories June 3rd Top Stories May 30th Top Stories May 29th Top Stories May 24th Top Stories May 23rd Top Stories May 21st Top Stories May 17th