(FreedomBeacon.com)- The percentage of Americans living paycheck to paycheck has soared to nearly 60 percent due to Joe Biden’s economic policies and inflation.
It is a sharp reminder of how much better things were just a few years ago under Trump.
And despite this, Biden does not indicate that he will alter his policies.
According to the CBC, rising prices continue to weigh on households, and many families feel stretched too thin.
According to a monthly LendingClub research, sixty-three percent of Americans were living paycheck to paycheck in November. That is up 60% from the previous month and close to the historic high of sixty-four percent in March.
Even high-income earners are under stress. 47% of those earning six figures or more reported living paycheck to paycheck, an increase from 43% the previous month.
Americans’ everyday spending continues to outrun their income.
Continuous inflation has led to a fall in real wages. The most recent data from the U.S. Bureau of Labor Statistics indicates that average hourly wages are down 1.9% from a year ago.
The report shows that inflation and rising costs drive more individuals to tap into their cash savings or rely on credit while interest rates are growing at the fastest pace in decades. The most recent quarter saw a 15% increase in credit card debt, the highest annual increase over twenty years. The credit card rates currently exceed 19%.
Thirty-two percent of consumers are saving less than before, and half of those reporting financial difficulties cannot save.
A related survey revealed that one-third of employed persons feel uneasy about their ability to pay an emergency bill. Nearly 8% would be completely unable to pay.
LendingClub reports that setting financial objectives for the new year will become increasingly difficult for many people as average savings stagnate or decline.
The Biden Administration doesn’t seem to be worried.