A recent report indicates that 60% of Americans are living paycheck-to-paycheck, with 4 in 10 consumers feeling worse off than in 2022 due to inflation and higher gas prices.
The holiday shopping season is expected to see increased spending, with many consumers planning to overspend and take on more debt.
“This year, holiday spending during the Thanksgiving week may hit a record as consumers try to maximize the weekend’s deals, according to a 2023 Deloitte Black Friday-Cyber Monday survey. Spending over the week is expected to jump 13% from last year, with shoppers shelling out $567 on average, Deloitte found,” CNBC noted.
Additionally, 74% of Americans are stressed about finances, and many households have tapped into their savings to cover expenses.
“While consumers have found a way to manage through inflation, it’s concerning that many plan to tap into savings, and even exceed their budgets, to finance their holiday purchases, which may leave them vulnerable to an unexpected emergency,” said LendingClub’s Alia Dudum.
The Biden administration’s economic policies are facing criticism as voters express concerns about economic challenges and declining confidence in the president’s ability to handle the economy.
“So, despite the propaganda of media apologists and cherry-picking of a small set of data points that appear temporarily uplifting, voters clearly understand their tough economic slog and place blame squarely upon Biden and his allies,” chairman and founder of the League of American Workers Steve Cortes said.
“In fact, in separate polling from Gallup going back seven decades, Republicans have never before enjoyed a larger edge on the primary issue of the day, the economy. Combining that survey with this new LAW poll in battleground states, the harsh reality of economic anxiety becomes clearer, especially for citizens of modest means,” he said.
“Our new poll revealed, for example, just how worried workers are about the erosion of their earning power and their subsequent inability to pay soaring housing costs for rents or mortgages.
“In these four states, fully 39% of voters said that ‘Income Erosion’ was a top concern regarding the effects of systemic, punishing inflation. Americans work harder to afford less, as evidenced by the crushing 24 straight months of declining real wages under Biden, meaning pay adjusted for the costs of the goods and services of life,” he added.
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