Joe Biden just set one grim record that has Democrats smashing the panic button

President Joe Biden delivers remarks to Department of Defense personnel, with Vice President Kamala Harris and Secretary of Defense Lloyd J. Austin III, the Pentagon, Washington, D.C., Feb. 10, 2021. (DoD photo by Lisa Ferdinando)

Joe Biden has unleashed one disaster after another on the nation.

His failed policies are delivering a gut punch to working class Americans.

And Joe Biden just set one grim record that has Democrats smashing the panic button.

The costing of living is soaring for working class Americans thanks to President Joe Biden’s disastrous economy.

Despite the President’s false claims that Americans are seeing relief from high prices, the latest Consumer Price Index (CPI) indicated that inflation has once again increased at a higher-than-expected rate of 0.5% year-over-year.

American consumers are being hit with a one-two punch of rampant inflation and rising energy prices after President Biden declared war on American energy production.

To combat rising inflation, the unelected cronies at the Federal Reserve are hiking interest rates – against the advice and pleas of many economists – driving up the cost of borrowing money.

Mortgage rates, car loans, and credit card interest rates are skyrocketing, putting the squeeze on American working class families who have already been stretched thin by the skyrocketing prices at the grocery store and gas pump.

Increased costs for goods and services throughout the American economy are eating through what little savings many working class families had, while they desperately try to figure out a way to stretch their household budget from paycheck-to-paycheck in the Biden economy.

Now, the toll of rising costs on Americans’ household budgets are being revealed.

Household debt under President Biden has climbed to the highest level since 2008, during the height of the Great Recession.

A new study from WalletHub found that Americans’ household debt increased by a whopping $320 billion during the last three months of 2022.

Total household debt now stands at a staggering, 15-year high of $17 trillion nationwide, while the typical American household owed an average $142,680 in debt at the end of 2022.

“We’re not quite to the breaking point, but U.S. households can’t afford to take on too much more debt, especially if the economy takes a turn for the worse,” WalletHub analyst Jill Gonzalez said. “People should be thinking about how to shed debt and get in shape for a recession, not assuming a bit more debt will make no difference.”

To keep up with the rising costs caused by President Biden and Democrats’ economic policies, more Americans are turning to credit cards to keep their heads above water.

New data from the New York Federal Reserve found that Americans’ credit card debt increased by $61 billion to a total of $986 billion during the last three months of 2022.

That set the new record for credit card debt in the U.S., and is raising serious red flags about the state of an economy President Biden, Democrats, and the legacy media claims is strong. 

On top of the record credit card debt, consumers are dealing with an average credit card interest rate of 19.14%, the highest number since 1991. 

To make matters worse, the economy is teetering on the brink of a recession and more interest rate hikes are projected from the Federal Reserve this year.

The problem of high costs isn’t projected to go away any time soon.

Joe Biden will be heading into the 2024 Presidential election with the worst economic record of any incumbent since former Democrat President Jimmy Carter ran for re-election in 1980.

The soaring cost of living could ultimately spell doom for the embattled Democrat President.

US Political Daily will keep you up-to-date on any developments to this ongoing story.