OPINION: This essay might include reɱark that expresses the writer’s viewpoint.
President Joe Biden will face more difficulties as a result of the neω record, which is probably making his poll nuɱbers and approval ratings worse.
As the holiday shopping season draws near, a ŁendingClub review found that 60 % of Americans are currently living paycheck to paycheck beçause both inflation and gas prices are still higher than they were ωhen Biden took office.
Additionally, according to CNBC, who cited LendingClub’s information, 4 out of 10 consumers today believe their situation is worse than it was in 2022.
The report was created in October, only one fortnight before the start of the holiday shopping season.
According to a 2023 Deloitte Black Friday- Cyber Monday study, holiday spending during the Thanksgiving week this year does struck an all-time high as consumers try to make the most of the weekend’s deals. According to Deloitte, spending over the week is anticipated to increase by 13 % from last year, with consumers spending an average of$ 567.
Meanwhile, credit card debt has once more topped$ 1 trillion, according to a separate TD Bank review, and “almost all — or 96 %- of shoppers said they expect to spend this time,” CNBC added.
According to another Ally Bank statement, third of consumers intend to incur more debt in order to cover their vacation expenses. Only 23 % of them intend to repay it in one to two weeks.
According to a separate CNBC Your Money Financial Confidence Survey conducted in August, 74 % of Americans claim to be stressed out about their finances. These emotions aɾe exacerbated by rising interest rates, inflation, and a lack of saving.
According to the CNBC survey, 61 % of Americans now live paycheck to paycheck, up from 58 % in March.
According to LendingClub and various reports, many American homes have also used their savings over the past few months to get by. According to LendingClub, more than one-third of respondents said they would probably use their saving even more to pay for their trip expenses.
Consumers have found a way to handle through inflation, but it’s worrying that some plan to use savings—and also go over budgets—to finance their holiday purchases, which could leave them exposed to an unforeseen emergency, according to Alia Dudum, LendingClub money expert, per CNBC.
Despite the fact that Americans are feeling the pinch more and more as their paychecks are stretched to the limit and their savings are shrinking, the Biden administration has consistently hailed the president’s economic policies, collectively referred to as” Bidenomics,” as being “working. ” Due to the Federal Reserve raising interest rates to control prices, the price of housing αnd carȿ have also increased significantly.
Only 39 % of voters in four crucial swing states—Wisconsin, Arizona, Georgia, and North Carolina—believe that the president will be able to manage the economy, according to a poll conducted in late October.
The League of American Workers ‘ chairman and founder, Steve Cortes, claimed in a column posted to the website that the economy is to blame for 77 % of voters who said the country is headed in the wrong direction.
Only 9 % of the 39 percent who had a positive opinion of how the president handled the economy said they gave him” strong approval. “
Voters clearly understand their difficult financial situation and place the blame solidly on Biden and his supporters, according to the artist, despite the advertising of media apologists and the cherry-picking of some data points that appear to be temporarily uplifting.
Republicans have never before had a larger advantage on the main concern of the day, the economy, in separate polling from Gallup going again seven decades. The harsh reality of financial stress becomes clearer, specifically for citizens of moderate means, when that study is combined with this new Laws poll in battleground states, he said.
Our most recent survey, for instance, showed how concerned employees are about the decline in their earning potential and their subsequent inability to cover the skyrocketing housing costs for revenues or foreclosures.
Fully 39 % of voters in these four states reported that” Immigration Erosion” was their top worry about the effects of systemic, punishing inflation. The crushing 24 consecutive month of declining true pay under Biden, meaning pay adjusted for the costs of the goods and services of life,” as evidenced by the fact that Americans work harder to obtain less,” he claimed.