Majority of Americans now living paycheck to paycheck under Biden, Democrats, as inflation destroys household budgets

The vast majority of Americans, by far, are worse off today under Democratic rule than they were when Republicans controlled Congress and Donald Trump was president.

Less than two years after Trump’s reelection was stolen from him, most Americans are now living paycheck to paycheck as #Bidenflationary policies from the regime and massive congressional Democrat spending have combined to drive up prices for everything from energy to housing and food.

“As of August, 60% of Americans were living paycheck to paycheck, according to a recent LendingClub report — a number that hasn’t budged much since inflation hit 40-year highs. A year ago, the number of adults who felt stretched too thin was closer to 55%,” CNBC reported this week.

“Even high-income earners are feeling the strain, the report found. Of those earning more than six figures, 45% reported living paycheck to paycheck, a jump from the previous year’s 38%,” the outlet noted further.

Anuj Nayar, LendingClub’s financial health officer, noted: “More consumers living paycheck to paycheck indicates that many are continuing to lose their financial stability.”

Inflation has been rising practically since the day Joe Biden shuffled into the Oval Office, where a mountain of executive orders prepared by the regime awaited his signature. Many of them dealt blows to Trump’s energy policies, including the cancellation of the Keystone XL pipeline, which had been an on-again, off-again project throughout the Obama regime and which Trump finally approved in 2019. The policies drove up energy prices to historic levels — and prices are still high and heading skyward again — which then drove up the costs of everything else that depends on fuel-powered vehicles to get to market.

“The consumer price index, which measures the average change in prices for consumer goods and services, rose a higher-than-expected 8.3% in August, driven by increases in food, shelter and medical care costs,” CNBC reported. “Although real average hourly earnings also rose a seasonally adjusted 0.2% for the month, they remained down 2.8% from a year ago, which means those paychecks don’t stretch as far as they used to.”

A separate Bank of America report noted that 71 percent of workers do not believe their pay is keeping up with the rising cost of living. That has brought the number of people who are feeling secure financially to a five-year low.

But the fact is, things are not going to get better, at least not any time soon, according to a financial outlook report published on Thursday.

“Investment banks are warning of a potential financial crisis due to the Fed’s strong dollar policy. At risk is the complex, over leveraged system of global financial ties, debt insurance, and derivatives now many times larger than 2008,” said an analysis to subscribers by Forward Observer.

The analysis noted that current Federal Reserve policy is focused on bringing down inflation and the central bank is attempting to do so by raising interest rates. However, at the same time, the policy is causing the dollar to strengthen against other global currencies, which is leading to a liquidity crisis throughout the world; a higher dollar means other countries have to spend more to buy them, which weakens their own currencies. “This is almost certainly intentional,” the report says.

“While economists say a strong dollar helps combat inflation, the Fed’s policy is likely a monetary ‘show of force’ to show observers that threats to U.S. financial hegemony will not be tolerated,” the analysis continued, referencing China’s attempts to build an economic bloc of its own.

“The Fed is inducing real pain into weaker competitor currencies, especially the Chinese yuan, to secure dollar dominance. Several countries have either experienced government collapse (Sri Lanka), are on the verge (Lebanon, Pakistan, Egypt), or have had near meltdowns (United Kingdom), and dozens of other countries are next on the chopping block,” the analysis added.

A global recession will lead to a deeper recession in the U.S., and that’s what the Western globalist elite really want.

Sources include:

ForwardObserver.com

CNBC.com