A recent report indicates that 60% of Americans are living paycheck to paycheck, with 4 in 10 considering themselves worse off than in 2022.
The holiday shopping season is expected to see record spending, with consumers planning to take on more debt.
A separate survey shows that 74% of Americans are stressed about finances, with rising inflation and interest rates contributing to their concerns. (Trending: US Troops Deliver Devastating Blow to Biden)
“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 Alia Dudum of LendingClub..
The Biden administration’s economic policies are being questioned as polls show decreasing 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,” said Steve Cortes, chairman and founder of the League of American Workers.
“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 added.
“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 concluded.
The report highlights economic anxiety and income erosion as top concerns for voters.
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