A recent report from the U.S. Census Bureau has revealed a significant increase in the number of Americans living below the poverty line. This report, released last week, indicates that in 2022, the percentage of Americans living below the poverty threshold rose to 12.4%, a stark increase from 7.8% in 2021.
These findings have raised concerns and are being closely examined. During the first two years of President Biden’s administration, when Democrats controlled both Congress and the White House, substantial spending bills were passed, which many economists believe contributed to significant inflationary pressures that persist today. The administration, however, has promoted its economic policies, collectively known as “Bidenomics,” especially as the president enters a reelection campaign.
According to The New York Post, the report indicates that the impact of inflation has been keenly felt by Americans, with their incomes struggling to keep pace. Inflation-adjusted median household income dropped to $74,580 in 2022, marking a 2.3% decline from the 2021 average of $76,330, as reported by the Census Bureau. This persistent increase in living costs and the decline in real income during Biden’s tenure, particularly under Democratic leadership, has forced many Americans to make sacrifices, opt for less expensive purchases, and even borrow money from family members to cover monthly expenses.
Furthermore, with the recent rise in gas prices and the ongoing high costs of food, U.S. consumers have seen a substantial increase in credit card debt. According to Bankrate.com in August, consumer credit card debt surged by $45 billion from Q1 2023 to Q2 2023, reaching an all-time high of $1.03 trillion. This increase coincided with a growth of 5.48 million credit card accounts.
“Balances are up 34 percent from the pandemic low of $770 billion in Q1 2021,” Ted Rossman, Senior Industry Analyst at Bankrate, said. “Bankrate recently found that 47 percent of credit cardholders carry debt from month to month, up from 39 percent in 2021. Even more troubling is the fact that 60 percent of Americans with credit card debt have had it for at least a year, up 10 percentage points from two years ago.”
“My top tip for paying down credit card debt is to sign up for a 0% balance transfer credit card,” Rossman said.
Tselane Stevens, 62, who moved to Midwood, Brooklyn, last month from Virginia, told The Post how bad Biden’s economy has hit her family:
“In the last three years, I stopped eating out. I’ve struggled to get my rent paid. I don’t even know the last time I shopped for myself. I haven’t bought new shoes or a new coat in three years, and I like shoes,” Stevens said, going on to blame Biden’s focus on overseas issues rather than domestic policy.
“I don’t think Biden’s paying a lot of attention to the economy,” she told The Post.
“He’s paying more attention to what’s happening internationally than what’s going on right here in New York. He’s paying a lot of attention to Ukraine — that’s where all the money’s going,” she added.
During her “Inside Politics” show last week, host Dana Bash provided some sobering facts about Biden based on a brutal new survey from the network.
“There is no way to spin this. CNN reads the country’s mood right now and finds that America is deeply unhappy with Joe Biden. Most Democratic voters hope for change at the top of the ticket, and Americans don’t take the president and his word when he talks about his son Hunter,” she said as the show opened.
“Our new poll has important new takeaways about 2024. There is deep-rooted dissatisfaction with the incumbent and the direction he is taking the country. There are even deeper doubts about if Mr. Biden is up to the job again,” she added.
