Joe Biden’s America.
61% of Americans are living paycheck to paycheck because of Bidenflation.
A six-figure income is no longer enough in Joe Biden’s America.
A staggering 44% of Americans earning $100,000+ per year are living paycheck to paycheck.
According to CNBC, 45% of American adults have an ’emergency fund.’ However, of those with an emergency fund, 26% say they have less than $5,000 saved for a rainy day.
US credit card debt surpassed $1 trillion for the first time in history this year as more and more Americans have to borrow to get by.
As of July, 61% of adults still said they are living paycheck to paycheck, according to a new LendingClub report, slightly more than last year’s 59%.
Yet, recent releases show that, at least compared with the soaring inflation of a year ago, consumers who have been squeezed by higher prices should be experiencing some relief. June and July both saw easing in the pace of price increases, with core inflation up 0.2% for each month, according to the U.S. Bureau of Labor Statistics.
Already, four out of five consumers’ spending habits have been affected by inflation, according to TD Bank’s annual consumer spending index.
“Consumers are undoubtedly continuing to feel the impact of inflation and rising interest rates,” said Chris Fred, TD Bank’s head of credit cards and unsecured lending.
Now, 78% of consumers earning less than $50,000 a year and 65% of those earning between $50,000 and $100,000 were living paycheck to paycheck in July, both up from a year ago, LendingClub found. Of those earning $100,000 or more, only 44% reported living paycheck to paycheck.
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