A new report said a majority of Americans are just squeaking by as a mountain of debt grows taller and taller.<\/p>\n
As of July, 61 percent of adults in a LendingClub survey said they were living paycheck to paycheck, according to CNBC<\/a>.<\/p>\n 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.<\/p>\n Forty-four percent of those earning more than $100,000 a year were living check to check<\/a>, the study said.<\/p>\n \u201cConsumers are undoubtedly continuing to feel the impact of inflation and rising interest rates,\u201d said Chris Fred, the head of TD Bank\u2019s credit cards and unsecured lending.<\/p>\n Credit card debt reached $1.03 trillion in the second quarter of the year, according to The Week.<\/a> Credit card delinquencies hit 7.2 percent.<\/p>\n \u201cThe increase in delinquencies and defaults is symptomatic of the tough decisions that these households are having to make right now \u2014 whether to pay their credit card bills, their rent or buy groceries,\u201d said Mark Zandi, Moody\u2019s Analytics chief economist, according to The Washington Post<\/a>.<\/p>\n The Post noted that the annual credit card<\/a> interest rate is 20.6 percent.<\/p>\n \u201cPeople don\u2019t like going into default or delinquency with credit cards \u2014 it makes a lot of people feel very nervous and unhappy,\u201d said Neil Saunders, managing director for retail at GlobalData. \u201cIt underlines how much some consumers are under pressure, and it\u2019s one of the cracks that\u2019s appearing in the consumer economy.\u201d<\/p>\n Economist David Rosenberg said a recession is looming, and debt<\/a> could be what pushed the nation into one, according to Insider<\/a>.<\/p>\n \u201cWe 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\u2019re seeing it in credit cards, and it is not insignificant, even though it\u2019s not residential mortgages [like 2008],\u201d he said.<\/p>\n \u201cWe\u2019ve had a massive interest rate shock; we haven\u2019t seen the full impact yet. Part of this has been blunted by two things, student debt relief \u2014 done \u2014 and stimulus checks of over $2 trillion \u2014 done. On top of that, we have China seemingly heading into some sort of recession. Certainly it\u2019s already entered a structural slowdown that\u2019s bumping up against a cyclical slowdown, and it is exporting deflation to the rest of the world.\u201d<\/p>\n Bidenomics<\/a> is making life worse for Americans, House Ways and Means Committee Chairman Jason Smith, a Missouri Republican, said in a statement on his website<\/a>.<\/p>\n \u201cThe American people are still being throttled by the Biden administration\u2019s 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,\u201d he said.<\/p>\n \u201cToday, 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,\u201d he said.<\/p>\n Overall, the cost of living<\/a> has risen 16 percent from\u00a0inflation<\/a> since Biden took office, Tiana Lowe Doescher wrote in an Op-Ed in the Washington Examiner<\/a>. That means Americans have lost 16 percent of their spending power.<\/p>\n \u201cThe 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,\u201d Doescher wrote.<\/p>\n \u201cThe consumer price index specifically for food is up 19 percent since January 2021, and electricity prices are up 23 percent,\u201d she said. \u201cUsed car prices are up a staggering 30 percent, and car repairs cost 23 percent more than two years ago.\u201d<\/p>\n This article appeared originally on The Western Journal<\/a>.<\/p>\n The post Biden\u2019s America: Majority Living Paycheck to Paycheck, Even Six-Figure Earners Overwhelmed<\/a> appeared first on The Gateway Pundit<\/a>.<\/p>","protected":false},"excerpt":{"rendered":" A new report said a majority of Americans are just squeaking by as a mountain of debt grows<\/p>\n","protected":false},"author":0,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"nf_dc_page":"","om_disable_all_campaigns":false,"_monsterinsights_skip_tracking":false,"_jetpack_newsletter_access":"","_jetpack_dont_email_post_to_subs":false,"_jetpack_newsletter_tier_id":0,"_jetpack_memberships_contains_paywalled_content":false,"_jetpack_feature_clip_id":0,"_jetpack_memberships_contains_paid_content":false,"footnotes":"","jetpack_post_was_ever_published":false},"categories":[1],"tags":[],"class_list":["post-17374","post","type-post","status-publish","format-standard","hentry","category-uncategorized"],"yoast_head":"\n