The massive spike in the inflation rate is now affecting Americans across the board so hard that a brand-new study by LendingClub has revealed that 61% of the American population is now living paycheck-to-paycheck.
According to a report from the Daily Wire, CNBC reported Monday that new data from LendingClub is indicating that inthe month of June, 61% of all Americans were living from one paycheck to the next, which includes 36% of individuals earning more than $200,000 per year.
This figure is up a whopping 55% from last year. What a major economic shift to happen in such a short amount of time.
If President Joe Biden is wondering why his approval rating is so low, this would be the top answer. People are finding it more and more difficult to afford the necessities they rely on to survive. Remember the baby formula shortage? Well, that is still going on, and now we have high gas prices, topped off by absurd increased costs for food and other goods.
How is a person supposed to maintain their and their family’s self-reliance during a situation like this?
Which is the exact point. The radical left wants to see the system crumble in order to not only justify calls for government intervention, but to force people to give up their freedom in exchange for ensuring they have their needs met.
Anuj Nayar, LendingClub’s Financial Health Officer stated during a press release on Monday, “What a difference a year makes. Last summer we were all worried about how quickly the economy would recover. Now, as inflation continues its upwards swing, consumers are finding it more difficult to manage spending and are eating into their savings as financial pressures mount.”
The Daily Wire report also said, “Nayar predicted that Americans would soon have difficulties handling unexpected costs. Nayar went on to say, “That said, consumers are not yet slowing down their spending habits, despite the rise inthe cost of living. Not only is it going to be difficult for them to handle future emergency expenses, but even foreseen payments like education, student loans, or housing expenses may be harder to balance for the everyday American consumer.”
The LendingClub press release then pointed out, “An estimated 33.5 million, or 13%, of U.S. consumers spent more than they earned in the past six months.”
CNBC then noted that while the overall amount of a person’s paycheck rose by 5.1%, the inflation rate has outpaced the increases to the average salary. In June of this year, inflation in our country rose to 9.1%, which essentially canceled out all of the economic gains that were made.
The report also noted, “Senate Democrats recently unveiled the ‘Inflation Reduction ‘Act of 2022’ to help address the problem.” However, a Penn Wharton study released on Friday shows that the bill could lead to a slight increase ininflation over the next two years, doing the exact opposite of what its name suggests.
It is hard to believe a “solution” concocted by Democrat members might actually cause the problem to get worse?
Not too surprising. And it isn’t just Democrats. It seems party doesn’t matter, as that is pretty much the only thing our government does when it starts to get involved in basically any area of our lives.
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