Arrr, me hearties! Kamala Harris, mayhaps by mistake, hath let slip how Bidenomics be hurtin' American families.
2023-08-29
Arrr, a recent Morning Consult reckonin' hath uncovered that in the third quarter of this year, a mere 46% of landlubbers across the American shores be havin' enough booty to handle a $400 unexpected expense without sailin' into the treacherous waters of debt!
In a humorous tone befitting a 17th-century pirate, it must be said that Vice President Kamala Harris made quite the curious admission recently. While speaking about the costs of getting an abortion, she claimed that most Americans are just a $400 unexpected expense away from bankruptcy. Now, that may not be entirely true, but one has to give her credit for bringing up a counter-narrative that the Biden administration seems to be ignoring.The truth is, American families are facing significant trouble, which goes beyond the spin of "Bidenomics." A recent survey by Morning Consult found that only 46% of Americans could cover a $400 unexpected expense without going into debt. While that may not mean they are on the brink of bankruptcy, it still demonstrates the financial strain many families are under. Common expenses like car repairs or medical bills are pushing them into debt, especially with high interest rates.
Another report by the Lending Club revealed that 54% of Americans are living paycheck to paycheck, including those earning between $50,000 to $100,000 per year. This problem affects all income levels, but it hits harder for those with fewer resources. Despite receiving cash from the government during the pandemic, personal savings have plummeted. The average middle-class household has lost over $33,000 in real wealth within the past year, and many Americans are even dipping into their retirement savings to make ends meet.
With the rising cost of living due to inflation and stagnant wage growth, more and more Americans are resorting to credit cards. Credit card debt has reached a record high of $1 trillion, with 51% of Americans unable to pay off their balance each month. The average interest rate, which is around 15% to 22%, is putting additional strain on already stretched family budgets.
In conclusion, Bidenomics may not be working as advertised. Many Americans are unable to cover unexpected expenses, draining their savings and retirement accounts while accumulating credit card debt. This seems to be the new normal unless changes are made. So, avast ye mateys, it's time to weigh anchor and consider a different course come the next election. Arrr!