Democrats are attempting to gaslight working class Americans into believing that so-called “Bidenomics” are saving America from economic ruin.
But with so many families clearly struggling the working class can see what’s happening right in front of them.
And now the Biden regime is in chaos after Vice President Kamala Harris candidly confessed that so-called “Bidenomics” is an epic failure.
Vice President Kamala Harris recently made a startling statement that struck a chord with millions of working class Americans.
“Most Americans are a $400 unexpected expense away from bankruptcy,” Harris candidly admitted.
Although she made this statement in a conversation about the costs of abortion, it accidentally revealed the sad truth for many Americans and the economic state of the country.
While the exact figures might not align with her words, the underlying issue she raised is undeniable – American families are facing financial challenges that go far beyond the gloss of “Bidenomics.”
As President Joe Biden champions his economic policies, it’s important to dig beneath the surface and understand the stark reality that many are experiencing.
The numbers don’t lie, and they paint a distressing picture of the state of the average American’s financial health.
Harris’ reference to a Morning Consult survey highlighting the fact that only 46% of Americans could cover a $400 unexpected expense without falling into debt is a wake-up call.
Whether it’s a surprise car repair or a medical bill, many working class families find themselves pushed into debt by these seemingly minor setbacks.
But it doesn’t end there.
The Lending Club’s Paycheck-to-Paycheck Report echoes these concerns, revealing that a staggering 54% of Americans are living paycheck to paycheck.
And this isn’t just an issue for lower-income families – it affects over half of those earning $50,000 to $100,000 per year.
The pandemic injected cash into the economy, with personal savings rising from $2.3 trillion to $5.7 trillion after Biden’s so-called “American Rescue Plan.”
However, this surge was short-lived, as personal savings dropped to a mere $862 billion by June of this year.
This decline isn’t limited to any income bracket – even middle-class households have seen their real wealth dwindle by over $33,000 in just a year.
The repercussions are severe, with Americans resorting to drastic measures to make ends meet.
A disturbing trend is the rise in people tapping into their 401(k) plans to cover expenses.
Bank of America’s analysis shows a 36% increase in retirement account withdrawals compared to last year.
So where’s the money going?
Rising inflation fueled by “Bidenomics” has hit Americans hard.
The Consumer Price Index (CPI) – a gauge of inflation – surged by 16.9% in just two and a half years.
As everyday costs soar, wages are struggling to keep up, with only a 13% increase since Biden took office compared to nearly 17% inflation.
The consequence? Many families are turning to credit cards to bridge the gap.
Credit card debt has soared to an unprecedented $1 trillion, a record-breaking high.
The situation is dire, as 51% of Americans can’t pay off their entire balance each month.
With average credit card interest rates hovering around 22%, families are burdened by compounding debt.
The narrative that “Bidenomics is working” falls flat in the face of these harsh realities.
The truth is that a majority of Americans are grappling with soaring living costs, sluggish wage growth, dwindling savings, and insurmountable credit card debt.
This paints a grim picture of Bidenomics that no political spin can mask.
The call for change is loud and clear.
As we navigate the challenges posed by Bidenomics, it’s essential for Americans to stay informed, question official narratives, and vote for a future that prioritizes the economic well-being of hardworking families.
The choice we make in the next election will shape the course of our financial future – it’s time for the real needs of Americans to be heard and addressed.
US Political Daily will keep you updated on any developments to this ongoing story.
