Biden Economy Floundering With 62% Living Paycheck To Paycheck

A LendingClub study out this month found a sizable majority of Americans (62%) live paycheck to paycheck in President Joe Biden’s America despite cooling inflation.

Nearly two-thirds of American consumers carry credit card balances from month to month as we enter the holiday season. Meanwhile, 62% cover their monthly expenses using their entire monthly paycheck. 57% of credit card users also report living paycheck to paycheck.

Even high-income Americans are struggling to make ends meet in Biden’s economy. 40% of consumers with superprime credit (a credit score of 720 or higher) are all out of their monthly income after paying their monthly expenses. That leaves no money to save for emergencies, a rainy day, and retirement.

The same LendingClub survey found earlier this year that 69% of Americans living in urban areas live paycheck to paycheck. That could bode ill for the 2024 election efforts of Biden and Democrats in blue and swing counties across America.

The Federal Reserve noted at its December meeting that inflation cooled in 2023. But the Fed acknowledged that prices in the consumer basket remain “elevated.” Federal spending has soared in Washington since Biden took office. Trillion-dollar deficits in the federal budget are now a new normal as Washington borrows more instead of balancing the budget.

A Fox News poll in December found only 14% of voters believe Biden’s economic policies have helped them. Meanwhile, 78% say the economy is in bad shape. 46% say the administration’s policies have directly hurt their personal finances.

The most recent CNBC All-America Economic Survey — released around the same time as the Fox News poll — found that 66% of Americans have a negative outlook on the economy. CNBC notes that this is the highest negative sentiment found in the 17-year existence of the survey. Meanwhile, 62% of respondents disapprove of Joe Biden’s handling of the economy.

With the 2024 election less than a year away, Biden is reportedly growing increasingly frustrated about his dismal poll numbers. Several Bloomberg/Morning Consult surveys out last week found Biden is losing to former President Donald Trump in a number of key battleground states.