BIDEN ECONOMY: Record US Credit Card Debt Nearly $1 Trillion as Americans Struggle to Survive Under Joe Biden

Biden’s economy is falling apart as Americans are struggling to make ends meet.

ABC News reported:

U.S. consumer credit card debt has jumped to nearly $1 trillion, the Federal Reserve Bank of New York said on Thursday.

Credit card balances increased more than $60 billion over the three months ending in December, lifting the total amount of U.S. credit card debt to an all-time high of $986 billion, the report found.

The skyrocketing credit card balance has coincided with an increase in the interest rates paid on such debt, crunching household budgets as high inflation eats away at the savings that many amassed during the pandemic.

Americans are falling behind in Biden’s economy with low-paying jobs, 40-year-high inflation, and a loss in the value of their net assets due to inflation pushing prices to record highs.

As a last resort, Americans turn to their credit cards to get by, hoping they will be able to pay them off next month.  This cycle is maddening for Americans who work hard and can’t seem to get ahead.  Now, they are falling behind.

Americans are now spending their money on the bare necessities as poor sales at Home Depot indicate that home projects, that rise during prosperous times, are put off.

Under President Trump, Americans increased their net worth and wealth.  Under Biden, Americans are struggling just to get by.

Steve Cortes was on the War Room where he discussed this record-setting US credit card debt.

Credit card debt is nearly $1 trillion.  Trillion with a “T” in the United States at the highest interest rate ever, above 20%, the average credit card interest rate, the highest ever in the United States.

…it’s a key gage, a key reflection of the health of the American consumer.  Home Depot is telling us, the debt on credit card continues to tell us that the American consumer is tapped and spent.

And yet at a time like that, instead of refocussing and rebuilding the American economy and prosperity for middle class people, instead of focusing on securing our own border, which is absolutely out of control, where a tsunami of tresspassers continue to pour into this country…instead we are projecting overseas.

See the entire video below:

Photo of author
Joe Hoft is a Radio Host at TNTRadio.live, Author, Former International Corporate Executive in Hong Kong for a Decade, and a Contributor at TGP since 2016. Joe is the author of five books, including his new bestseller, "The Steal: Volume II - The Impossible Occurs" which addresses the stolen 2020 Election and provides an inventory of issues that prove that the 2020 Election was uncertifiable and never should have been certified for Joe Biden.

You can email Joe Hoft here, and read more of Joe Hoft's articles here.

 

Thanks for sharing!