{"id":2021392,"date":"2023-09-04T12:31:01","date_gmt":"2023-09-04T16:31:01","guid":{"rendered":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/bidens-america-majority-living-paycheck-to-paycheck-even-six-figure-earners-overwhelmed\/"},"modified":"2023-09-04T12:32:59","modified_gmt":"2023-09-04T16:32:59","slug":"bidens-america-majority-living-paycheck-to-paycheck-even-six-figure-earners-overwhelmed","status":"publish","type":"post","link":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/bidens-america-majority-living-paycheck-to-paycheck-even-six-figure-earners-overwhelmed\/","title":{"rendered":"Biden&#8217;s America: Most Struggling Financially, Including High Earners"},"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\">16<\/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%2Fbidens-america-majority-living-paycheck-to-paycheck-even-six-figure-earners-overwhelmed%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=2021392&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--><h2>Americans \u2064Struggling with Mounting Debt, Living\u2062 Paycheck to Paycheck<\/h2>\n<p>A new report reveals that a majority of Americans are <a href=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/democrats-call-for-shutdown-of-deceptive-crisis-pregnancy-centers-amid-wave-of-pro-abortion-violence\/\" title=\"Democrats Call for Shutdown of \u2018Deceptive\u2019 Crisis Pregnancy Centers Amid Wave of Pro-Abortion Violence\">facing financial hardship<\/a> \u200das\u200d their debt continues to grow. According to a survey conducted by LendingClub, as of July, 61 percent \u200cof adults are living paycheck to paycheck <a href=\"https:\/\/www.cnbc.com\/2023\/08\/31\/living-paycheck-to-paycheck-inflation-is-still-squeezing-budgets.html\" target=\"_blank\" rel=\"noopener\">[source]<\/a>.<\/p>\n<h3>Financial Struggles Across Income\u200c Levels<\/h3>\n<p>The study found that in July, 78 percent of consumers earning \u2062under $50,000 a \u2062year and 65 percent of those making between $50,000 and $100,000 annually were living paycheck to paycheck. Surprisingly,\u200b even 44 percent of those earning \u2064over $100,000 a year were living <a href=\"https:\/\/www.westernjournal.com\/bidenomics-fail-americans-increasingly-forced-dip-retirement-accounts-make-ends-meet-major-bank-reveals\/\" target=\"_blank\" rel=\"noopener\">check to check<\/a> [source].<\/p>\n<h3>Impact of Inflation and Rising \u200cInterest Rates<\/h3>\n<p>Chris Fred, the head of TD Bank&#8217;s credit \u2062cards\u200d and unsecured lending, stated, &#8220;Consumers are undoubtedly continuing to feel the impact \u2063of inflation and <a href=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/us-consumer-credit-card-debt-reaches-1-trillion-for-first-time\/\" title=\"US consumer credit card debt hits  trillion milestone.\">rising \u200binterest rates<\/a>&#8220;\u200b [source].<\/p>\n<h3>Mounting Credit Card Debt<\/h3>\n<p>According \u2064to The Week, <a href=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/bidens-america-majority-living-paycheck-to-paycheck-even-six-figure-earners-overwhelmed\/\" title=\"Biden's America: Most Struggling Financially, Including High Earners\">credit \u2062card debt reached <\/a>.03 trillion in the second quarter of the year, with credit card delinquencies hitting 7.2 percent [source]. Mark Zandi, Moody&#8217;s Analytics chief economist, explained, \u200d&#8221;The \u200dincrease in \u2063delinquencies and defaults is symptomatic of the tough decisions that\u2064 these households are having\u200b to make right \u2064now&#8221; [source].<\/p>\n<h3>Recession Looming<\/h3>\n<p>Economist David Rosenberg warns that a recession may be on the horizon,\u200d with\u2064 debt potentially being the catalyst.\u2063 He compared the current situation to the subprime mortgage crisis of 2008, stating, &#8220;This is how a recession starts&#8221; [source].<\/p>\n<h3>Bidenomics and Financial Strain<\/h3>\n<p>House Ways and Means \u200cCommittee Chairman Jason Smith criticized the Biden \u200cadministration&#8217;s economic policies, stating that Americans are being &#8220;throttled&#8221; by their agenda. He highlighted the reversal in job growth\u2062 and wage growth, \u200dwith lower-income workers now suffering the most. Smith also pointed out the\u200d rising cost of living and its impact on Americans&#8217; spending power [source].<\/p>\n<h3>The Cost of Living and Inflation<\/h3>\n<p>Since President Biden took\u2064 office, the cost of living has risen by 16 \u200dpercent due\u200d to inflation. \u200bThis means that Americans have lost 16 \u2063percent of their spending power, affecting the least \u200dprivileged even more significantly [source].<\/p>\n<p>Overall, Americans are <a href=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/european-firms-on-verge-of-bankruptcy-as-energy-crisis-deepens\/\" title=\"European Firms on Verge of Bankruptcy as Energy Crisis Deepens\">facing significant financial challenges<\/a>, with\u2064 mounting debt, living paycheck to \u200dpaycheck, and the\u2062 potential for a looming \u2063recession. The impact of inflation and rising \u2063interest \u2063rates further exacerbates the situation, making it \u2062crucial \u200dto address these \u200deconomic concerns.<\/p>\n<blockquote><p>The post <a rel=\"nofollow\" href=\"https:\/\/www.westernjournal.com\/bidens-america-majority-living-paycheck-paycheck-even-six-figure-earners-overwhelmed\/\">Biden&#8217;s \u200bAmerica: Majority Living Paycheck\u2064 to Paycheck, Even Six-Figure Earners Overwhelmed<\/a> appeared first on <a rel=\"nofollow\" href=\"https:\/\/www.westernjournal.com\">The Western Journal<\/a>.<\/p><\/blockquote>\n","protected":false},"excerpt":{"rendered":"<p>A recent report reveals that a growing number of Americans are struggling financially, burdened by increasing debt. CNBC reports that 61% of adults surveyed by LendingClub in July admitted to living paycheck to paycheck. Additionally, the study found that 78% of individuals earning less than $50,000 annually face similar financial challenges.<\/p>\n","protected":false},"author":661,"featured_media":2021393,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_mo_disable_npp":"","fifu_image_url":"https:\/\/cndimages.nyc3.digitaloceanspaces.com\/breaking-news\/wp-content\/uploads\/2021\/01\/IMG_2758-scaled-1.jpg","fifu_image_alt":"","footnotes":""},"categories":[548],"tags":[],"class_list":["post-2021392","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-conservative-news-daily"],"fifu_image_url":"https:\/\/cndimages.nyc3.digitaloceanspaces.com\/breaking-news\/wp-content\/uploads\/2021\/01\/IMG_2758-scaled-1.jpg","_links":{"self":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/2021392","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\/661"}],"replies":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/comments?post=2021392"}],"version-history":[{"count":0,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/2021392\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media\/2021393"}],"wp:attachment":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media?parent=2021392"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/categories?post=2021392"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/tags?post=2021392"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}