The massive spike in the inflation rate is now slamming Americans across the board so hard that a brand new study has revealed 61 percent of the population are now living paycheck-to-paycheck.
According to a report from the Daily Wire, CNBC reported on Monday that new data from LendingClub is indicating that in the month of June, 61 percent of all Americans were living from one paycheck to the next, which includes 36 percent of individuals earning more than $200,000.
This figure is up a whopping 55 percent from last year. What a major economic shift to happen in such a short amount of time.
If President Joe Biden is wondering why his approval rating is so low, this right here would be the top answer. People are finding it more and more difficult to afford the necessities they rely on to survive. Remember the baby formula shortage? Well, now we have sky high gas prices, topped off by absurd costs for food and other goods.
How is a person supposed to maintain their self-reliance during a situation like this?
You can’t.
Which is exactly the point.
The radical left wants to see the system crumble in order to not only justify calls for government intervention, but to force people to give up their freedom in exchange for ensuring they have their needs met.
“What a difference a year makes. Last summer we were all worried about how quickly the economy would recover,” Anuj Nayar, LendingClub’s Financial Health Officer, stated during in a press release put out on Monday. “Now, as inflation continues its upwards swing, consumers are finding it more difficult to manage spending and are eating into their savings as financial pressures mount.”
The Daily Wire report said, “Nayar predicted that Americans would soon have difficulties handling unexpected costs.”
“That said, consumers are not yet slowing down their spending habits, despite the rise in the cost of living,” she went on to add. “Not only is it going to be difficult for them to handle future emergency expenses, but even foreseen payments like education, student loans, or housing expenses may be harder to balance for the everyday American consumer.”
The press release from LendingClub then pointed out, “An estimated 33.5 million — or 13% — of U.S. consumers spent more than they earned in the past six months.”
CNBC then noted that while the overall amount of a person’s paycheck rose by 5.1 percent, the inflation rate has outpaced the increases to the average salary. In June of this year, inflation in our country rose 9.1 percent, which essentially canceled out all the of economic gains that were made.
“To help address the problem, Senate Democrats recently unveiled the ‘Inflation Reduction Act of 2022.’ However, a Penn Wharton study released Friday shows that the bill could lead to a slight increase in inflation over the next two years, doing the exact opposite of what its name suggests,” the report said.
You mean a “solution” concocted to a bad situation by members of the government might actually cause the problem to get worse?
Gad zooks!
That’s pretty much the only thing the government does when it starts to get involved in basically any area of life.
This story syndicated with permission from michael, Author at Trending Politics
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