As the administration continues to promote President Joe Biden’s economic ideas, sometimes referred to as “Bidenomics,” a recent study is expected to give Republicans further political fodder against him and Democrats in general as we approach the elections of next year.
“As of November 2023, 62% of consumers relied on their next paycheck to cover their monthly financial outflows, the PYMNTS and LendingClub survey said. These consumers also own nearly 60% of the credit cards in the U.S. Moreover, 80% of paycheck-to-paycheck consumers own at least two credit cards on average,” Fox Business released a study on Friday.
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“The report also said that paycheck-to-paycheck cardholders are more than twice as likely as those not living paycheck-to-paycheck to carry a credit card balance over to the following month. Close to one-third said they reached their credit card limit, an average of $9,200, at least occasionally in the last year,” The data was cited in the outlet’s story.
Consumer credit card debt increased by $48 billion in the United States in Q3 2023, totaling $1.08 trillion, according to the Federal Reserve Bank of New York.
There’s a chance that Biden’s “Bidenomics” initiatives aren’t meeting expectations. According to polls, his policies are actually causing Americans to spend less this Christmas. To make ends meet around the holidays, many people are taking on additional jobs or working longer hours.
A startling 74% of the 1,000 respondents to Empower’s 2023 holiday expenditure research stated that they have cut back on their holiday spending due to inflation. Furthermore, 31% said they are working longer hours at work in order to make ends meet, according to Fox Business.
“The survey shows that over a third (34%) are trimming their budgets in favor of saving this year, while others are cutting back on buying gifts or non-essential expenses like dining out to stay on track,” Courtney Burrell, a spokesman for Empower, stated to Fox Business.
“How you allocate your holiday budget will depend on what’s most important to you – this year, you may prioritize travel to visit family that you typically only see during the holidays over decorations or cut back on social commitments in order to give yourself a larger budget for holiday gifts,” she said.
“Thirty-seven percent of respondents said they plan to spend less than $250 on gifts this year, and more than one in 10 told Empower they are budgeting more than $1,000,” the report said.
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This Christmas season, get ready to be astounded by the astounding figures! Record-breaking sales have already occurred during Thanksgiving weekend, and this trend is expected to continue over the whole holiday season.
“However, the spending spree comes as U.S. consumers are already carrying record levels of credit card debt, and some experts are concerned a potential crisis is brewing as the balances rack up, and more people find themselves unable to pay them back – especially at today’s high interest rates,” Fox Business said.
The president is given a dire economic assessment in October.
Swing state voters have little faith in the president’s economic acumen, according to a new survey. RealClearPolitics reports that just 39% of respondents had faith in his abilities to manage the economy.
Find out the startling truth behind why 77% of respondents to a study feel that the country is moving in the wrong direction. In his insightful essay, Steve Cortes, the renowned chairman and founder of the League of American Workers, presents a convincing viewpoint. Discover the true cause of this emotion, which is the status of our economy.
Out of the 39 percent who thought favorably of the president’s economic management, just 9 percent voiced “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.
