{"id":1502774,"date":"2022-06-03T15:49:43","date_gmt":"2022-06-03T19:49:43","guid":{"rendered":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/?p=1502774"},"modified":"2022-06-03T15:49:47","modified_gmt":"2022-06-03T19:49:47","slug":"biden-takes-a-blowtorch-to-the-truth-with-household-debt-and-savings-claim","status":"publish","type":"post","link":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/biden-takes-a-blowtorch-to-the-truth-with-household-debt-and-savings-claim\/","title":{"rendered":"Biden Takes A Blowtorch To The Truth With Household Debt And Savings Claim"},"content":{"rendered":"<aside class=\"mashsb-container mashsb-main mashsb-stretched\"><div class=\"mashsb-box\"><div class=\"mashsb-count mash-medium\" style=\"&quot;\"><div class=\"counts mashsbcount\">26<\/div><span class=\"mashsb-sharetext\">SHARES<\/span><\/div><div class=\"mashsb-buttons\"><a class=\"mashicon-facebook mash-medium mash-nomargin mashsb-noshadow\" href=\"https:\/\/www.facebook.com\/sharer.php?u=https%3A%2F%2Fwww.conservativenewsdaily.net%2Fbreaking-news%2Fbiden-takes-a-blowtorch-to-the-truth-with-household-debt-and-savings-claim%2F\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Facebook<\/span><\/a><a class=\"mashicon-twitter mash-medium mash-nomargin mashsb-noshadow\" href=\"https:\/\/twitter.com\/intent\/tweet?text=&amp;url=https:\/\/www.conservativenewsdaily.net\/breaking-news\/?p=1502774&amp;via=ConservNewsDly\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Twitter<\/span><\/a><a class=\"mashicon-subscribe mash-medium mash-nomargin mashsb-noshadow\" href=\"#\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Subscribe<\/span><\/a><div class=\"onoffswitch2 mash-medium mashsb-noshadow\" style=\"display:none\"><\/div><\/div>\n            <\/div>\n                <div style=\"clear:both\"><\/div><\/aside>\n            <!-- Share buttons by mashshare.net - Version: 4.0.47--><div><\/div>\n<p>President Joe Biden lied Friday about the level of debt and savings U.S. households have accumulated under his presidency.<\/p>\n<p>Biden boasted during a White House Address that the average American household has increased their savings and lowered debt since his inauguration, <a href=\"https:\/\/www.whitehouse.gov\/briefing-room\/speeches-remarks\/2022\/06\/03\/remarks-by-president-biden-on-the-may-jobs-report-2\/\" target=\"_blank\" rel=\"noopener noreferrer\">according<\/a> to the White House briefing.<\/p>\n<p>\u201cToday, thanks to the economic plan and the vaccination plan that my administration put into action, America has achieved the most robust recovery in modern history just two years removed from the worst economic crisis since the Great Depression,\u201d said Biden.<\/p>\n<p>\u201cSince I took office, families are carrying less debt; their average savings are up,\u201d he added.\u00a0Biden said families feel financially comfortable under his economic plan. <strong><a href=\"https:\/\/dailycaller.com\/2022\/06\/02\/kamala-harris-speaks-student-loan-cancellation-corinthian-colleges\/\" target=\"_blank\" rel=\"noopener noreferrer\">(RELATED:\u00a0\u2018A Milestone\u2019: Biden Administration Wipes Out $5.8 Billion Of Student Loan Debt From Corinthian Colleges)<\/a><\/strong><\/p>\n<blockquote class=\"twitter-tweet\">\n<p dir=\"ltr\" lang=\"en\">BIDEN: \u201cSince I took office, families are carrying less debt, their average savings are up\u2026more Americans feel financially comfortable\u2026\u201d <a href=\"https:\/\/t.co\/YvJBOyL48c\">pic.twitter.com\/YvJBOyL48c<\/a><\/p>\n<p>\u2014 Townhall.com (@townhallcom) <a href=\"https:\/\/twitter.com\/townhallcom\/status\/1532737352447283200?ref_src=twsrc%5Etfw\">June 3, 2022<\/a><\/p>\n<\/blockquote>\n<p>Data from the U.S. Commerce Department published May 27 showed the U.S. personal savings rate fell to the lowest point since Sept. 2008 in April, falling to 4.4%, <a href=\"https:\/\/finance.yahoo.com\/news\/us-savings-rate-hits-lowest-level-since-2008-144126366.html\" target=\"_blank\" rel=\"noopener noreferrer\">reported<\/a> Yahoo Finance.<\/p>\n<p>Wells Fargo economists Tim Quinlin said the U.S. Commerce Department data would typically be a \u201cwarning sign\u201d for future economic turbulence.<\/p>\n<p>\u201cIn a typical cycle, a sharp drop in the saving rate would be a warning sign about the sustainability of spending,\u201d Quinlin wrote in a note reported by Yahoo Finance. Quinlin said the savings forecast expects the rate to fall as low as 7.2% by the end of 2023.<\/p>\n<p>The Bureau of Labor and Statistics that real wages continue to decline. \u201cFrom April 2021 to April 2022, real average hourly earnings decreased 2.3%, seasonally adjusted,\u201d the agency <a href=\"https:\/\/www.bls.gov\/news.release\/archives\/realer_05112022.htm\" target=\"_blank\" rel=\"noopener noreferrer\">reported<\/a>.<\/p>\n<p>Consumer credit card debt rose from $266 billion\u00a0to $15.84\u00a0trillion\u00a0in quarter one of 2022, <a href=\"https:\/\/www.newyorkfed.org\/microeconomics\/hhdc.html\" target=\"_blank\" rel=\"noopener noreferrer\">according<\/a> to data from the Federal Reserve Bank of New York\u2019s \u201cHousehold Debt and Credit Report.\u201d<\/p>\n<p>\u201cBalances now stand $1.7\u00a0trillion higher than at the end of 2019, before the COVID-19 pandemic. Mortgage and auto loan balances rose by $250\u00a0billion and $11\u00a0billion, respectively, in the quarter,\u201d the NY Fed reported.<\/p>\n<p>Despite credit card balances declining by $15 billion. Consumer credit card balances are $71 billion higher than the first three months of 2021, \u201crepresenting a substantial year-over-year increase,\u201d according to the\u00a0NY Fed.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>President Joe Biden lied Friday about the level of debt and savings U.S. households have accumulated under his presidency.Biden boasted during a White House Address that the average American household<\/p>\n","protected":false},"author":495,"featured_media":2315279,"comment_status":"open","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"_mo_disable_npp":"","fifu_image_url":"","fifu_image_alt":"","footnotes":""},"categories":[],"tags":[],"class_list":["post-1502774","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry"],"_links":{"self":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/1502774","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/users\/495"}],"replies":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/comments?post=1502774"}],"version-history":[{"count":0,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/1502774\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media\/2315279"}],"wp:attachment":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media?parent=1502774"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/categories?post=1502774"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/tags?post=1502774"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}