Under President Biden’s failed leadership, the economy is being mismanaged and it has had serious repercussions for everyday Americans.
The economy is a major issue for any president, and President Joe Biden is no exception. Since taking office in 2021, the Biden administration has been touting its economic policies as a success. However, a closer look at the facts reveals that this may not be the case.
Breitbart reports, according to a report, 62 percent of American adults live paycheck to paycheck.
A report by PYMNTS and LendingClub, a peer-to-peer lending platform, revealed that as of February, 62 percent of Americans live paycheck to paycheck, including 48 percent of high-income consumers.
Despite lower inflation than in July, consumers are still facing rising costs, according to the report.
The Pymnts report stated “Inflation has made life more and more expensive, and consumers have already made moves to cope, such as pulling back on discretionary expenses, But one can only pull back so far on spending, and PYMNTS’ data reveals that consumers are finding another way to navigate their lower purchasing power.”
Not only are people living paycheck to paycheck they are also having to lean on their parents to help out.
CNBC reports, many young adults rely on their parents to cope with rising costs.
A recent Savings.com report found that 45% of parents with children over 18 provide them with financial support, including groceries, cell phone plans, and health and auto insurance.
According to the report, parents spend over $1,400 a month helping their adult children support themselves.
Inflation has been a challenge for those seeking financial independence over the past year. The rising costs of food and housing are just some of the significant challenges young adults face.
Supporting grown children is a substantial drain on parents at a time when their own financial security is at risk.
Parents nearing retirement contribute the most to their children, on average $2,100 a month, while putting only $643 a month into their retirement accounts, according to Savings.com.
As the economy has faltered, America’s retirement preparedness has declined, according to Fidelity’s 2023 Retirement Savings Assessment. In 2020, 83% of savers were able to cover their retirement expenses with their income. Currently, only 78% of Americans do so.
With their retirement security in jeopardy, nearly half, or 48%, of retired Americans believe they’ll outlive their savings, according to a separate report by Clever Real Estate.
A new report has revealed that a staggering 62% of American households are living paycheck to paycheck, a horrifying indication of the mismanagement of the US economy under President Biden’s failed leadership. Not only has his irresponsible policies led to an unprecedented level of inflation throughout the country, it has also left many citizens barely getting by – with even the most modest mishap potentially leading to bankruptcy. With such a shocking degree of financial struggle among Americans and their families, there can be no question that our current presidency must do more to remedy this dire situation in order to restore our nation’s once enviable middle class status.
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