A majority of Americans live paycheck to paycheck in President Joe Biden’s America, a recent LendingClub study found, raising concerns that so-called “Bidenomics” failed to help average Americans.
The high number of Americans struggling to make ends meet appears to confirm polling that shows only 14 percent of voters believe Biden’s economic policies have helped them, while 85 percent think they have either hurt them or made no difference.
The LendingClub study found:
- Sixty-two percent of adults in December said they live paycheck to paycheck, up from 58 percent in March.
- Forty percent of consumers living paycheck to paycheck have super-prime credit scores.
- Fifty-seven percent of consumers who own credit cards are living paycheck to paycheck.
Americans who are struggling to manage their finances are likely to have credit card debt, CNBC reported:
This year, holiday spending from Nov. 1 through Dec. 31 is expected to increase between 3% and 4% over last year to a record total of $957.3 billion to $966.6 billion, according to the National Retail Federation.
Even as credit card debt tops $1 trillion, almost all — or 96% — of shoppers said they expect to overspend this season, a separate TD Bank survey found.
Half of consumers plan to take on more debt to cover those holiday expenses, according to another report by Ally Bank. Only 23% have a plan to pay it off within one to two months.
As consumers try to celebrate Christmas in Biden’s economy, polling shows a plurality of Americans believe former President Donald Trump’s economic policies benefited them, a Wall Street Journal poll recently found:
- Forty-nine percent of voters said Trump’s policies personally benefited them.
- Only 23 percent said the same for Biden’s policies.
“You know, job approval down, ratings generally down, most of the comparatives with Trump … not good,” Democrat David Axelrod recently said on the podcast “Hacks on Tap.”
“You know what I worry about … from a Biden standpoint is there are the kinds of things you get when people are starting to rationalize their votes — ‘Oh look, they’re ready to fire Biden, that’s a problem,’” Axelrod continued. “And they just put out another photo op with the Bidenomics sign next to him … It’s just unbelievable to me.”
Follow Wendell Husebø on “X” @WendellHusebø. He is the author of Politics of Slave Morality.
