Thanks to Joe Biden’s economy and inflation, the number of Americans living paycheck to paycheck has now risen above 60%.
It’s a stark reminder that just a few years ago, things were much better under Trump.
Despite the news, Biden has given no indication that he intends to change any of his policies.
The percentage of Americans living paycheck to paycheck rises to 63% — here’s how to get your finances back on track
A growing number of households are feeling the pinch as rising prices continue to weigh on households.
As of November, 63% of Americans were living paycheck to paycheck — up from 60% the previous month and close to the record high of 64% hit in March, according to LendingClub’s monthly report.
Even high earners are under pressure, LendingClub found. Of those earning more than six figures, 47% said they were living paycheck to paycheck, up from 43% the previous month.
“Americans are cash-strapped and their day-to-day spending continues to exceed their income, which is affecting their ability to save and plan,” said Anuj Nayar, LendingClub’s financial health officer.
While consumer prices rose less than expected in November, persistent inflation has pushed down real wages.
Real average hourly earnings fell 1.9% from a year earlier, according to the latest data from the Bureau of Labor Statistics.
That has left many Americans in a bind, as inflation and higher prices force more people to dip into their cash reserves or rely on credit as interest rates rise at the fastest pace in decades.
Credit card balances are already soaring, up 15% in the most recent quarter, the biggest annual increase in more than 20 years.
Biden is a disaster.
The price of eggs rose by 49.1% year-on-year.
Baby food rose 10.9 percent.
Electricity rose 13.7%.
Chicken rose 12%.
Potatoes increased by 16.2%.
Milk rose 14.7%.
Natural gas rose 10.1%.
Real average hourly wage?
Households are the ones paying the price for an inflationary crisis fueled by left-wing spending.
— Steve Scalise (@SteveScalise) December 13, 2022
Things could get worse before they get better.
cross-posted from American Lookout.