In Joe Biden’s America, a recent study conducted by LendingClub has shed light on the financial struggles faced by a majority of Americans. This raises concerns about the effectiveness of the economic policies implemented under Biden’s administration, commonly referred to as “Bidenomics.” According to the study, a staggering 62% of adults reported living paycheck to paycheck in December, marking an increase from 58% in March. These findings align with polling data that reveals only 14% of voters believe Biden’s economic policies have benefited them, while 85% think they have either been detrimental or made no difference.

The LendingClub study indicates that a significant portion of Americans who live paycheck to paycheck actually have super-prime credit scores. This surprising finding challenges the assumption that individuals with lower credit scores are the ones most likely to face financial difficulties. In fact, 40% of consumers living paycheck to paycheck fall into the super-prime credit score category. This suggests that even individuals who are seen as financially responsible are not immune to the challenges of managing their finances.

The study also highlights the correlation between struggling finances and credit card debt. It’s reported that 57% of consumers who own credit cards are living paycheck to paycheck. This connection is further reinforced by the holiday season, which often exacerbates financial strain for many Americans. The National Retail Federation expects holiday spending between November 1 and December 31 to increase by 3% to 4% compared to the previous year, reaching a record total of $957.3 billion to $966.6 billion. Despite the already mounting credit card debt, a TD Bank survey reveals that a staggering 96% of shoppers expect to overspend during this season. Additionally, a report by Ally Bank indicates that 50% of consumers plan to take on more debt to cover their holiday expenses, with only 23% having a plan to pay it off within one to two months.

As Americans navigate the holiday season in Biden’s economy, public opinion reveals a stark contrast between the perceived impact of Bidenomics and the economic policies of former President Donald Trump. A recent Wall Street Journal poll found that 49% of voters believe Trump’s policies personally benefited them, while only 23% said the same for Biden’s policies. These numbers suggest that a plurality of Americans view the economic measures implemented under Trump’s administration as more favorable to their financial well-being. The discrepancy between public perception and the reality of economic conditions presents a challenge for Biden.

The data collected from the LendingClub study and the public opinion polls prompt a closer examination of the factors contributing to the struggles faced by average Americans under Bidenomics. While the study reveals a rise in the number of individuals living paycheck to paycheck, it is crucial to understand the underlying causes of this financial insecurity. Some key elements that warrant consideration include the impact of the pandemic, inflation, rising costs of living, and the effectiveness of the economic stimulus measures implemented by the Biden administration.

Another significant factor contributing to the financial challenges experienced by Americans is inflation. As the cost of goods and services continues to rise, Americans find it increasingly difficult to stretch their paychecks to cover their expenses. This inflationary pressure can be attributed to a variety of factors, such as supply chain disruptions, increased demand, and government spending. The cumulative effect of inflation erodes the purchasing power of individuals and exacerbates the struggles faced by those living paycheck to paycheck.

Bidenomics has included various economic stimulus measures aimed at alleviating the financial burden on Americans. These measures include direct payments to individuals, expanded unemployment benefits, and increased funding for social programs. All of these things are actually not helpful to America as a whole. Handouts are never the way.