It only makes sense.
With prices of almost everything people buy and need to survive at a four-decade high under Joe Biden’s leadership, more Americans have difficulty affording their lifestyle and end up living paycheck to paycheck. That is certainly the case now, according to a new report in LendingClub, which said the number of Americans doing that is about 150 million. In other words, 58% of the U.S. population.
The outrageously high inflation has affected high earners, too, according to the report. 30% of Americans making $250K per year live paycheck to paycheck too.
According to CNBC, a separate report from a consulting firm called Willis Towers said 36% of people earning $100,000 a year are living paycheck to paycheck.
Here’s what Anuj Nayar of LendingClub told CNBC.
“Consumers have experienced a tough last couple of years as different factors have affected their financial lifestyle, and there seems to be little relief in sight.”
You don’t need a math degree to figure out why this is happening. One of the most important gauges of inflation is the consumer price index, which rose 8.6% in May over 2021, the most significant jump in 41 years. That’s what happens when food, fuel, and housing costs go up like we’ve seen happen since Biden moved into the White House and started unleashing his progressive agenda. If you couple that with wage increases that are slower than inflation, your money doesn’t go as far as it used to.