Bidenomics, the sweetened-up name for the Bidenflation that has been plaguing Americans since the last presidential election, has one-third of the nation wondering how they will be paying their bills. That’s according to a report at the Federalist. And that could be a determinative factor in the 2024 presidential race.
“Despite having committed trillions in new government spending programs, and running massive deficits in the process, government surveys reveal millions of working Americans believe they are worse off than they were in January 2021, when Biden first entered the White House,” the report explained.
According to the Census Bureau’s recent Household Pulse Survey, the number of those who say they are finding it “somewhat” or “very” difficult to make all their payments is up by six million since Biden took office. At that time, the number responding in those categories totaled 80.53 million Americas. Now it’s 86.92 million.
“That means in Biden’s America, more than 1 in 3 households are struggling to pay their bills,” the Federalist report said.
Most affected are those with incomes from $50,000 to $150,000, mostly considered America’s “middle class.”
“For example, the number of households earning $50,000 to $75,000 that are having trouble paying their usual household expenses increased from 10.01 million in January 2021 to 13.34 million in July 2023,” the report said.
They’re turning to credit cards, personal loans and other debt, the Federalist said.
“In July 2023, 85.46 million Americans relied on ‘credit cards or loans’ to ‘meet spending needs in the last 7 days.’ In July 2022, the number was just 74.89 million,” the report said.
And the fact that Americans are suffering under Biden’s agenda is supported by other numbers, too, the report said.
“A LendingClub report published earlier in 2023 suggests 61 percent of Americans say they are living paycheck to paycheck. In cities, the number is even higher, coming in at 69 percent,” it said.
And alarmingly, 57% of Americans say they can’t afford to cover an emergency expense of $1,000 or more.
“Democrats have spent trillions upon trillions of dollars without offsetting the increase with additional tax revenue, effectively printing huge amounts of money. Those spending increases have created inflation that has yet to be reversed, and probably never will be,” the report said.
A large part of the problem is the surging inflation that has hit Americans under Biden’s policies. It maxed out at more than 9% last year, and still remains high.
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