A new study has revealed that a majority of Americans are living paycheck-to-paycheck during the Holiday season under President Joe Biden’s leadership, which has led to renewed concerns that so-called “Bidenomics” is not helping average Americans.
FOX BUSINESS: "Since the day President Biden came into office, everything is up about 17%."
That's Bidenomics! pic.twitter.com/TPJ52XZlHE
— RNC Research (@RNCResearch) December 14, 2023
According to the LendingClub study, 62% of American adults in December reported living paycheck-to-paycheck, an increase from the 58% who reported the same in March. The study also found that 40% of consumers who are living paycheck-to-paycheck have super-prime credit scores, meaning credit scores of 720 or above, and 57% of consumers who own credit cards reported living paycheck-to-paycheck.
According to CNBC, Americans who are having difficulty managing their finances are likely to have credit card debt.
“This year, holiday spending from Nov. 1 through Dec. 31 is expected to increase between 3% and 4% over last year to a record total of $957.3 billion to $966.6 billion, according to the National Retail Federation,” CNBC reported. “Even as credit card debt tops $1 trillion, almost all — or 96% — of shoppers said they expect to overspend this season, a separate TD Bank survey found.”
“Half of consumers plan to take on more debt to cover those holiday expenses, according to another report by Ally Bank. Only 23% have a plan to pay it off within one to two months,” the outlet continued.
This data is consistent with another recent poll from Fox News, which showed that only 14% of voters believe that Biden’s economic policies have helped them, while 46% reported being hurt by his policies and 39% said that they did not make much of a difference.
Bidenomics. https://t.co/NApqEnL3Ng
— Catturd ™ (@catturd2) December 19, 2023
Meanwhile, a recent Wall Street Journal poll found that a plurality of Americans believe that they were benefited by former President Donald Trump’s economic policies — with 49% agreeing that Trump’s policies personally benefited them.
In a recent appearance on the podcast “Hacks on Tap,” former Obama administration official David Axelrod confirmed that Americans’ views on Biden are not looking good for his re-election efforts.
“You know, job approval down, ratings generally down, most of the comparatives with Trump … not good,” Axelrod said.
“You know what I worry about … from a Biden standpoint is there are the kinds of things you get when people are starting to rationalize their votes — ‘Oh look, they’re ready to fire Biden, that’s a problem,’” he added. “And they just put out another photo op with the Bidenomics sign next to him … It’s just unbelievable to me.”
