Senator John Kennedy said it best: this economy sucks.
According to a recent CNBC report on a LendingClub poll, 61% or Americans are living paycheck-to-paycheck in President Joe Biden’s economy; that includes 36% of those earning more than $200,000. That figure is up from 55% from the year before for all Americans.
“What a difference a year makes. Last summer we were all worried about how quickly the economy would recover,” Anuj Nayar, LendingClub’s Financial Health Officer, said in a press release issued Monday. “Now, as inflation continues its upwards swing, consumers are finding it more difficult to manage spending and are eating into their savings as financial pressures mount.”
Nayar says expect Americans to have trouble with unexpected costs.
“That said, consumers are not yet slowing down their spending habits, despite the rise in the cost of living,” she added. “Not only is it going to be difficult for them to handle future emergency expenses, but even foreseen payments like education, student loans, or housing expenses may be harder to balance for the everyday American consumer.”
LendingClub also noted, “[a]n estimated 33.5 million — or 13% — of U.S. consumers spent more than they earned in the past six months.”
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— Daily Wire (@realDailyWire) August 1, 2022