President Joe Biden’s problems are getting worse when a fresh story comes to light, negatively affecting his support ratings and polling statistics.
Just in time for the holidays, a startling research finds that a shocking sixty percent of Americans are struggling to make ends meet. President Biden’s pledges notwithstanding, rising gas costs and inflation are having a significant impact.
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A concerning percentage of consumers—4 out of 10—believe they are in a worse financial situation than they were a year ago, according to a research that CNBC quoted. This information is derived from LendingClub statistics.
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“This year, holiday spending during the Thanksgiving week may hit a record as consumers try to maximize the weekend’s deals, according to a 2023 Deloitte Black Friday-Cyber Monday survey. Spending over the week is expected to jump 13% from last year, with shoppers shelling out $567 on average, Deloitte found,” CNBC reported.
Meanwhile, credit card debt has once more surpassed $1 trillion, per a another TD Bank poll, while “almost all — or 96% — of shoppers said they expect to overspend this season,” CNBC stated, citing:
Less than 25% of consumers have a plan in place to pay off their holiday debt, despite 50% of buyers being willing to take on additional debt!
According to a recent August CNBC Your Money Financial Confidence Survey, the majority of Americans (74%) are anxious about their money. These fears are being fueled by things like inflation, rising interest rates, and insufficient savings.
Unsettling Increase in Americans Living Paycheck to Paycheck Found in New Survey
According to LendingClub, American households have been using their savings to get by throughout the past several months. Furthermore, according to LendingClub, a sizable portion—more than one-third—plans to continue depending on their funds to cover their Christmas needs.
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“While consumers have found a way to manage through inflation, it’s concerning that many plan to tap into savings, and even exceed their budgets, to finance their holiday purchases, which may leave them vulnerable to an unexpected emergency,” according to CNBC, Alia Dudum, LendingClub’s financial specialist.
Although Americans are feeling the pinch more and more as their incomes are being stretched to the breaking point and their savings are disappearing, the Biden administration has consistently praised the president’s economic policies, which are collectively known as “Bidenomics” as “working.” Due in large part to the Federal Reserve’s increase in interest rates intended to contain inflation, the price of homes and cars has also increased significantly.
According to a study conducted in late October, just 39% of voters in critical swing states believe the president is capable of handling the economy. Wisconsin, Arizona, Georgia, and North Carolina are among these states, highlighting the importance of this figure.
According to a recent study, 77 percent of voters think the country is moving in the wrong direction. Steve Cortes, the chairman and founder of the League of American Workers, attributes this sentiment to the state of the economy.
Out of those who agreed with the president’s economic policies, just 9% indicated “strong approval.”
“So, despite the propaganda of media apologists and cherry-picking of a small set of data points that appear temporarily uplifting, voters clearly understand their tough economic slog and place blame squarely upon Biden and his allies,” the author said.
“In fact, in separate polling from Gallup going back seven decades, Republicans have never before enjoyed a larger edge on the primary issue of the day, the economy. Combining that survey with this new LAW poll in battleground states, the harsh reality of economic anxiety becomes clearer, especially for citizens of modest means,” he said.
“Our new poll revealed, for example, just how worried workers are about the erosion of their earning power and their subsequent inability to pay soaring housing costs for rents or mortgages.
“In these four states, fully 39% of voters said that ‘Income Erosion’ was a top concern regarding the effects of systemic, punishing inflation. Americans work harder to afford less, as evidenced by the crushing 24 straight months of declining real wages under Biden, meaning pay adjusted for the costs of the goods and services of life,” he said.
