{"id":1543786,"date":"2022-07-08T06:19:39","date_gmt":"2022-07-08T10:19:39","guid":{"rendered":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/?p=1543786"},"modified":"2022-07-08T06:19:51","modified_gmt":"2022-07-08T10:19:51","slug":"american-families-have-burned-through-114-billion-in-savings-to-cope-with-inflation","status":"publish","type":"post","link":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/american-families-have-burned-through-114-billion-in-savings-to-cope-with-inflation\/","title":{"rendered":"American Families Have Burned Through $114 Billion in Savings to Cope With Inflation"},"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%2Famerican-families-have-burned-through-114-billion-in-savings-to-cope-with-inflation%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=1543786&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--><\/p>\n<h2>The Federal Reserve Economic Data revels shocking figures<\/h2>\n<div id=\"authorDate\">\n<p>\u00a0on&#038;nbsp6th July 2022 @ 6.00pm <\/p>\n<\/p><\/div>\n<figure title=\"Prior to the May figures, the lowest National Personal Savings rate over the last decade was recorded in January 2013\">\n<div class=\"articleImage\">\n<p><span class=\"creditNew\">\u00a9\u00a0press<\/span>\n<\/div><figcaption>Prior to the May figures, the lowest National Personal Savings rate over the last decade was recorded in January 2013<\/figcaption><\/figure>\n<p><strong>Despite President Biden&#8217;s claim that Americans are saving more since he took office, data shows the complete opposite with inflation eating into rainy-day funds.<\/strong><\/p>\n<p>The Federal Reserve Economic Data (FRED) showed that the average American had just 5.4 percent of their paycheck left to save after covering living expenses.<\/p>\n<p>It now sits much lower than the all-time record of 33.8 percent that was recorded in April 2020.<\/p>\n<p>It also sits below the average amount Americans had available to save each month over the last decade.<\/p>\n<p>Prior to the May figures, the lowest National Personal Savings rate over the last decade was recorded in January 2013, when it hit 5.6 percent.<\/p>\n<figure title=\"They have since burned through about $114 billion of that vast savings pile, meaning that just over $2.5 trillion in savings remains\">\n<div class=\"articleImage\">\n<img decoding=\"async\" src=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-content\/uploads\/2022\/07\/biden-billboard-new-york.jpg\" alt=\"they have since burned through about  114 billion of that vast savings pile  meaning that just over  2 5 trillion in savings remains\" \/><\/p>\n<p><span class=\"creditNew\">\u00a9\u00a0press<\/span>\n<\/div><figcaption>They have since burned through about $114 billion of that vast savings pile, meaning that just over $2.5 trillion in savings remains<\/figcaption><\/figure>\n<p>By the end of 2021, Americans had accumulated a total of $2.7 trillion in savings.<\/p>\n<p>They have since burned through about $114 billion of that vast savings pile, meaning that just over $2.5 trillion in savings remains.<\/p>\n<p>Biden declared: <strong><em>&#8220;Since I took office, families have increased their savings and have less debt.&#8221;<\/em><\/strong><\/p>\n<p>The claim also goes against the fact that there are historic amounts Americans now owe on credit cards.<\/p>\n<p>Overall credit card debt rose 20% during the month of April to $1.103 trillion. The previous pre-pandemic record was $1.1 trillion.<\/p>\n<p>As <a href=\"https:\/\/www.dailymail.co.uk\/news\/article-10986195\/Inflation-hits-Americans-COVID-cash-stash-personal-savings-rates-slump-just-5-4.html\" target=\"_blank\" rel=\"noopener\">The Daily Mail<\/a> reported:<\/p>\n<blockquote>\n<p><em>Americans&#8217; savings accounts have also shrunk by more than $9,000 over the past year &#8211; from $73,100 in 2021 to $62,086 in 2022 &#8211; according to a survey from wealth management company Northwestern Mutual.<\/em><\/p>\n<p><em>During the first year-and-a-half of the COVID pandemic, millions of Americans were handed generous unemployment benefits, often higher than the salaries they were earning, as well as thousands in stimulus checks.<\/em><\/p>\n<\/blockquote>\n<p>Rent and student loan holidays enforced to stop people from being made homeless further bolstered finances, as did the fact that so many entertainment and travel options were shuttered.<\/p>\n<figure title=\"&#039;Since I took office, families have increased their savings and have less debt,&#039; Biden said\">\n<div class=\"articleImage\">\n<img decoding=\"async\" src=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-content\/uploads\/2022\/07\/Bidens-america-More-Americans-to-Skip-Buying-Christmas-Gifts-Due-to-Inflation.jpg\" alt=\"since i took office  families have increased their savings and have less debt   biden said\" \/><\/p>\n<p><span class=\"creditNew\">\u00a9\u00a0press<\/span>\n<\/div><figcaption>&#8216;Since I took office, families have increased their savings and have less debt,&#8217; Biden said<\/figcaption><\/figure>\n<p>The chart shows the National Personal Savings rate for each month over the last decade.<\/p>\n<p>Prior to May, the lowest figure recorded was in January 2013, when Americans had 5.6 percent of a leftover paycheck to save<\/p>\n<p>Biden told the largest federation of labor unions that he&#8217;s working to rebuild the U.S. economy around workers and claimed that families have less debt and more savings than when he took office.<\/p>\n<p>According to the<a href=\"https:\/\/www.wsj.com\/articles\/americans-tap-pandemic-savings-to-cope-with-inflation-11657013400\" target=\"_blank\" rel=\"noopener\"> Wall Street Journal<\/a>, JPMorgan Chief Executive Jamie Dimon said in June that U.S. consumers still had between six and nine months of spending power remaining in their bank accounts.<\/p>\n<p>Americans&#8217; bank account balances increased after they received stimulus payments and balances remain above where they were in 2019, according to Chris Wheat, co-president of the JPMorgan Chase Institute, as reported by the Wall Street Journal.<\/p>\n<h4><a href=\"https:\/\/neonnettle.com\/news\/19223-jpmorgan-ceo-warns-biden-has-triggered-an-economic-hurricane-\">[RELATED] JPMorgan CEO Warns Biden Has Triggered an &#8216;Economic Hurricane&#8217;<\/a><\/h4>\n","protected":false},"excerpt":{"rendered":"<p>The Federal Reserve Economic Data revels shocking figures \u00a0on&#038;nbsp6th July 2022 @ 6.00pm   \u00a9\u00a0press Prior to the May figures, the lowest National Personal Savings<\/p>\n","protected":false},"author":1,"featured_media":1547085,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_mo_disable_npp":"","fifu_image_url":"","fifu_image_alt":"","footnotes":""},"categories":[],"tags":[],"class_list":["post-1543786","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\/1543786","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\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/comments?post=1543786"}],"version-history":[{"count":0,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/1543786\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media\/1547085"}],"wp:attachment":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media?parent=1543786"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/categories?post=1543786"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/tags?post=1543786"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}