Biden's Inflation Crisis: American Families Feel the Pinch
Submitted by MAGA Student
Posted 2 days ago
**Crisis** looms for American consumers as the weight of Biden-era inflation continues to buckle family budgets across the nation.
Recent reports indicate that missed payments on both credit cards and auto loans are surging to levels not seen in over a decade.
This alarming trend reflects the harsh reality that Americans are grappling with financial strain as inflation persists.
Under the Biden administration, prices have skyrocketed by over 20% since January 2021, marking a stark contrast to the previous administration’s record low inflation of just 1.4%.
According to data from the Federal Reserve Bank of New York, nearly 10% of credit card balances and 8% of auto loan balances have now become past due.
Major financial institutions, including Citigroup and Ally Financial, are sounding the alarm.
Ally's stock dropped 18% after executives disclosed that borrowers are struggling to keep up with the soaring cost of living and a tightening labor market.
Equally concerning, the average interest rate on credit cards has climbed to a painful 21.51%, up from approximately 15% in 2019.
This uptick in borrowing costs has made it increasingly difficult for consumers to manage their debts effectively.
The Federal Reserve’s persistent hikes in the target federal funds rate—set at a 23-year high—are intended to counter inflation but have also further squeezed family finances.
As evidence of the deepening crisis becomes more apparent, the overall personal savings rate has plummeted from over 25% during the pandemic to a mere 2.9% this past July.
On top of that, the nation is witnessing a troubling slowdown in job growth, with the unemployment rate now at 4.2%.
These economic challenges are not mere numbers; they hit hard at kitchen tables across America.
Families are left to navigate the impacts of higher prices for everyday goods while wrestling with the burden of overdue payments.
In contrast, during Donald Trump's presidency, the economy saw remarkable growth, lower inflation rates, and higher employment levels.
As the nation finds itself amid an increasingly precarious economic situation, many Americans are left reminiscing about those times and questioning the direction in which the current administration is steering the country.
The current trajectory raises significant concerns for the future, leaving many to wonder about the long-term effects of Biden's economic policies on the stability and prosperity of hardworking Americans.
Sources:
espn.com
nationalfile.com
dailycallernewsfoundation.org
Recent reports indicate that missed payments on both credit cards and auto loans are surging to levels not seen in over a decade.
This alarming trend reflects the harsh reality that Americans are grappling with financial strain as inflation persists.
Under the Biden administration, prices have skyrocketed by over 20% since January 2021, marking a stark contrast to the previous administration’s record low inflation of just 1.4%.
According to data from the Federal Reserve Bank of New York, nearly 10% of credit card balances and 8% of auto loan balances have now become past due.
Major financial institutions, including Citigroup and Ally Financial, are sounding the alarm.
Ally's stock dropped 18% after executives disclosed that borrowers are struggling to keep up with the soaring cost of living and a tightening labor market.
Equally concerning, the average interest rate on credit cards has climbed to a painful 21.51%, up from approximately 15% in 2019.
This uptick in borrowing costs has made it increasingly difficult for consumers to manage their debts effectively.
The Federal Reserve’s persistent hikes in the target federal funds rate—set at a 23-year high—are intended to counter inflation but have also further squeezed family finances.
As evidence of the deepening crisis becomes more apparent, the overall personal savings rate has plummeted from over 25% during the pandemic to a mere 2.9% this past July.
On top of that, the nation is witnessing a troubling slowdown in job growth, with the unemployment rate now at 4.2%.
These economic challenges are not mere numbers; they hit hard at kitchen tables across America.
Families are left to navigate the impacts of higher prices for everyday goods while wrestling with the burden of overdue payments.
In contrast, during Donald Trump's presidency, the economy saw remarkable growth, lower inflation rates, and higher employment levels.
As the nation finds itself amid an increasingly precarious economic situation, many Americans are left reminiscing about those times and questioning the direction in which the current administration is steering the country.
The current trajectory raises significant concerns for the future, leaving many to wonder about the long-term effects of Biden's economic policies on the stability and prosperity of hardworking Americans.
Sources:
espn.com
nationalfile.com
dailycallernewsfoundation.org
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