Bidenomics slams working families with more debt
Conn Carroll
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Inflation caused by President Joe Biden’s aggressive stimulus spending policies is wreaking havoc on working families, especially those with credit card debt.
“Our customers are America’s working families. They’re the teachers teaching our kids in schools, the construction workers building our homes, and medical workers taking care of us,” JCPenney CEO Marc Rosen said in an interview last week. “And that customer is facing a tougher economic environment.”
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Rosen noted that his company has seen credit usage go up as the pace of delinquencies has also increased. Rosen said the typical family is now spending $700 more per month for the same goods and services than they did two years ago.
“That’s tough for a family like that because it means they’re making trade-offs in everything that they can do,” Rosen said.
According to the Federal Reserve Bank of New York, household debt is at a record high, including record highs for both credit card debt and auto loan debt. The average interest on all credit card accounts is also at a record high 20.68%. That is up from 14.75% when Biden first came to office. Since then, Biden has spent trillions in wasted economic stimulus driving up the cost of goods and the interest paid on debt.
As a direct result of Bidenomics, working families are paying more for both the goods they consume now and goods they consumed in the past.
No wonder people say the Biden economy is bad despite low unemployment. Sure, more people have jobs, but their paychecks aren’t worth as much as when Biden first came to office, and they are deeper in debt.
It didn’t have to be this way. The economy was already recovering when Biden came to office thanks to the end of COVID lockdowns. All Biden had to do was sit back, do nothing, and let the economy heal.
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Instead, he gave trillions to Democratic special interest groups setting off generationally high inflation that has undermined worker pay and put most households deeper in debt.
That’s Bidenomics, and it should be obvious why the public doesn’t like it.