Some indicators on inflation’s impact on American households
Biden, his administration, and suck-up media are telling the country they are not getting the message out that the economy is strong, the job market is booming, and that policies are being put in place to staunch inflation. Americans are not feeling it and 70% of the voters polled are saying American is heading in the wrong direction.
From today’s media reports:
As rising inflation continues to wreak havoc on the U.S. economy, a new study by LendingClub Corp (NYSE: LC) has determined nearly two-thirds of Americans are now living a paycheck-to-paycheck existence.
The study also found that paycheck-to-paycheck consumers were three times as likely to revolve credit card debt and carry higher monthly balances overall, with 29% of credit card holders stating they "always" or "usually" revolve their balances. Struggling consumers also tend to nearly exhaust the average credit card spending limit of $4,700, declaring an average balance of $3,800.
The new study was based on a census-balanced poll of 2,326 adults conducted from March 9 to March 11, with 52% of respondents identified as females, 32% were college-educated and 36% declared incomes of over $100,000 per year.
A new poll finds more Americans are borrowing money from family and friends than they were a year ago.
According to the Census Bureau’s Household Pulse Survey, 25.6 million people, or more than 10 percent of U.S. adults, had to rely on their support network for financial backing, up from 19.1 million a year.
Fourteen percent of respondents who identify as millennials said in another survey that they borrowed money from their family members and friends, a 3 percent increase from April 2021.
Eleven percent of respondents who identify as Generation X said that they borrowed money from their family and friends in the survey, and 8 percent of respondents identifying as baby boomers said the same.
Seventeen percent of respondents who identify as Black also said in the survey that they have borrowed money from family members and friends, seeing a 6 percent increase from this time last year.
Fifteen percent of respondents who identify as Hispanic and 7 percent of those who identify as either white or Asian also said in the survey that they have borrowed money from family and friends.
The latest Census Bureau survey was conducted from March 30 to April 11, sending invitations to 1 million households and receiving a total of 63,769 responses. The survey had a weighted response rate of 6 percent.