{"id":77682,"date":"2023-08-29T04:00:37","date_gmt":"2023-08-29T08:00:37","guid":{"rendered":"https:\/\/cablemanpro.com\/wallstreetpr\/kamala-harris-slip-up-reveals-how-bidenomics-hurting-american-families-77682"},"modified":"2023-08-29T04:00:37","modified_gmt":"2023-08-29T08:00:37","slug":"kamala-harris-slip-up-reveals-how-bidenomics-hurting-american-families","status":"publish","type":"post","link":"https:\/\/cablemanpro.com\/wallstreetpr\/kamala-harris-slip-up-reveals-how-bidenomics-hurting-american-families-77682","title":{"rendered":"Kamala Harris slip-up reveals how Bidenomics hurting American families"},"content":{"rendered":"
\n

In the midst of President Biden\u2019s campaign to sell “Bidenomics” to American voters, Vice President Kamala Harris<\/a> made a curious admission. Speaking about the costs of getting an abortion (so not Bidenomics), she stated that “[m]ost Americans are a $400 unexpected expense away from bankruptcy.”<\/p>\n

Of course, as with most dramatic White House economic claims, it wasn\u2019t exactly true. But you have to give her credit for raising a counter-narrative the Biden administration is otherwise choosing to ignore.\u00a0<\/p>\n

The fact is that American families are in trouble, deep trouble, and it\u2019s far more significant than any Bidenomics spin<\/a> can conceal.\u00a0<\/p>\n

Harris\u2019s point comes from a recent Morning Consult survey which found that in the third quarter of this year only 46% of Americans could cover a $400 unexpected expense without going into debt. That\u2019s not the same as being $400 away from bankruptcy, but it\u2019s still really bad. It shows how expenses as commonplace as a surprise car repair or a medical bill are forcing many American families into debt \u2013 at a time when interest rates are disturbingly high.<\/p>\n

BIDENOMICS IS WORKING? TELL THAT TO MILLIONS IN DEBT AND GOING HUNGRY<\/strong><\/a><\/p>\n

It also raises a very disconcerting question: Is this the new Bidenomics normal? Let\u2019s look at the data.\u00a0<\/p>\n

The Lending Club\u2019s Paycheck-to-Paycheck Report for June confirms the Morning Consult survey. It found that a majority of Americans (54%) were living paycheck to paycheck. That includes 53% of consumers who earn $50,000 to $100,000 per year. So, this problem extends well beyond lower-income families, although it certainly hits you harder the less you have.\u00a0<\/p>\n

But what about personal savings? American received a lot of cash from the government during the pandemic. In fact, when Biden took office, Americans had $2.3 trillion in personal\u00a0savings. That number shot up to $5.7 trillion following Biden\u2019s March 2021 ironically named “American Rescue Plan.”\u00a0<\/p>\n

But by June of this year, a mere 27 months later, personal saving had dropped by nearly $5 trillion to a much diminished $862 billion.\u00a0<\/p>\n

Again, it isn\u2019t just lower-income Americans who have watched their savings diminish. According to a Bloomberg\u00a0analysis, the average middle-class household has lost over $33,000 in real wealth in just the past year.<\/p>\n

MANY BLACK AMERICANS DON’T LIKE BIDENOMICS. HERE’S WHY THE BIDEN WHITE HOUSE IS WORRIED<\/strong><\/a><\/p>\n

The situation is so bad that Americans are even draining their 401(k) plans to cover expenses. According to Bank of America\u2019s analysis of its clients\u2019 employee benefits programs (with a total of over 4 million plan participants),\u00a036%\u00a0<\/u>more people drained their retirement accounts to make ends meets in the second quarter of 2023 as compared to the same period last year.<\/p>\n

So, where did all that money go? Well, you may have noticed that Bidenomics-induced inflation<\/a> has driven the cost of living up \u2013 a lot.\u00a0Let\u2019s look at it in dollar terms, which is how most Americans experience inflation.\u00a0<\/p>\n

The Bureau of Labor Statistic publishes the Consumer Price Index (CPI) each month, a common measure of inflation. CPI takes a basket of commonly purchased goods and services and prices them on a monthly basis. In January 2021, when Biden took office, that basket cost about\u00a0$261.50. In July of this year, the same basket cost\u00a0$305.70. That\u2019s a huge 16.9%<\/u> increase in only two and a half years. It\u2019s also larger than the CPI increase for any full four-year presidential term since the 1980s, and Bidenomics has 16 months to go.\u00a0<\/p>\n

Exacerbating the problem,\u00a0wage growth has failed<\/a> to keep pace with inflation \u2013 increasing only\u00a013% since Biden took office (versus nearly 17% for inflation). When you\u2019re living paycheck to paycheck, as most Americans are, that kind of disparity hurts.\u00a0<\/p>\n

CLICK HERE FOR MORE FOX NEWS OPINION<\/strong><\/a><\/p>\n

So, with savings increasingly depleted and wages failing to keep up with increased living expenses, many Americans are resorting to their credit cards in an effort to make ends meet. According to the Federal Reserve Bank of New York, in the second quarter of this year, credit card debt rose to\u00a0$1 trillion<\/a> \u2013 the highest number ever.\u00a0<\/p>\n

And that amount of credit card debt is a huge problem with\u00a051% of Americans unable to pay off their entire balance each month \u2013 so they let it revolve to the next month at an average budget killing interest rate of nearly 15%, according to JD Powers\u2019 recent Annual Credit Card Satisfaction Survey. Perhaps more disconcerting, Wallet Hub reports that the current average credit card interest rate is slightly over\u00a022%. Either rate would be devastating for already stretched family budgets.\u00a0<\/p>\n

Bottom line: When you\u00a0read that “Bidenomics is working,” know that it\u2019s not. Claims to the contrary are simply untrue.\u00a0<\/p>\n

In reality, a majority of Americans are unable to cover a common but unexpected $400 expense because their cost of living is way up and real wage growth has failed to keep pace. So, they are draining their savings and retirement accounts and maxing out their credit cards despite crippling interest rates.\u00a0<\/p>\n

This is Bidenomics in a nutshell, and it will be the new normal \u2013 unless we make a change next November.\u00a0<\/p>\n

CLICK HERE TO READ MORE FROM ANDY PUZDER<\/u><\/strong><\/a><\/p>\n<\/div>\n

Source – https:\/\/www.foxnews.com\/opinion\/kamala-harris-slip-up-reveals-how-bidenomics-hurting-american-families <\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

In the midst of President Biden\u2019s campaign to sell “Bidenomics” to American voters, Vice President Kamala Harris made a curious admission. 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