Before we continue, pay no attention to the ridiculous featured image I chose. Ridiculous, of course, because Joe Biden and his equally disastrous administration desperately continue to try to convince hardworking Americans that Bidenomics is the best thing since sliced bread.
If you can still afford sliced bread, that is.
The most recent example of Bidenomics “restoring the American dream” finds Americans defaulting on their credit cards and car loans at levels not seen in more than a decade. In addition, low- and middle-income earners have been especially hit hard by soaring prices on everything from rent, groceries, and new and used cars despite the Federal Reserve’s attempts to tamp down stubbornly high inflation.
According to Mark Zandi, chief economist at Moody’s Analytics, the squeeze is most troublesome for lower-income earners, many of whom must decide between which bills to pay, and food.
“The increase in delinquencies and defaults is symptomatic of the tough decisions that these households are having to make right now, whether to pay their credit card bills, their rent or buy groceries.”
Additionally, shoppers are increasingly turning to buy now, pay later services to cover basic necessities, groceries included, with the usage of “buy now, pay later” services up roughly 40 percent in the first two months of 2023, according to data from Adobe Analytics.
Yet, Biden continues to lie.
R&I – TP
DGM