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How Much Credit Card Debt Do Americans Hold?

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Americans’ total credit card balance rose $45 billion in the second quarter, reaching $1 trillion for the first time ever in 2023, according to Q2 data from the New York Federal Reserve.

This made the yearly average U.S. household $7,951 in credit card debt.

Two major factors contributed to this — one being inflation, which drove up consumer credit card debt by the billions, with a 9.1% peak in 2022. The second was the steady climb in interest rates, increasing already high debts.

Bombarded with tempting offers on a daily basis, even those with high credit scores are at risk. Credit card interest rates are at an all-time high from 16% to 20% according to Bankrate. When the Federal Reserve raised interest rates, credit companies followed. With inflation making the cost of living a struggle, most Americans resorted to credit cards to cover expenses. (Read more from “How Much Credit Card Debt Do Americans Hold?” HERE)

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Did Bidenomics Kill the American Dream? Homes and Cars Are Becoming Increasingly Unaffordable for the Middle Class

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Average Americans are finding homes and cars increasingly unaffordable as inflation from high government spending raises prices and degrades purchasing power.

Half of consumers are being priced out of the car market as the cost of a monthly car loan payment is far exceeding what an average American can afford, while the home affordability index has fallen from a 169.9 point average in 2020 to 87.8 points as of July, according to the National Association of Realtors. One key driver of the rising expenses is inflation, which peaked at 9.1% in June 2022 and is linked to high government spending under the Biden administration, according to experts who spoke to the Daily Caller News Foundation.

“Both housing and automobiles have become increasingly less affordable to American households as a direct result of the Fed having to raise interest rates to curb inflation,” Desmond Lachman, a senior fellow at the American Enterprise Institute, told the DCNF. “Most people finance their home and auto purchases by taking out loans and those loans have become much more expensive.”

The Biden administration has introduced a number of high-spending bills that have contributed to the national debt, including the $1.9 trillion American Rescue Plan signed in March 2021 that aimed to relieve the economic effects of the COVID-19 pandemic. The president also signed the Inflation Reduction Act in August 2022, which equates to around $750 billion in new spending, with nearly $370 billion of that going towards green initiatives. (Read more from “Did Bidenomics Kill the American Dream? Homes and Cars Are Becoming Increasingly Unaffordable for the Middle Class” HERE)

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Biden Makes Unexpected, Incredible Admission About His Inflation Reduction Act

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President Biden admitted Thursday that Democrats’ signature Inflation Reduction Act wasn’t as much about actually reducing the then-record-high inflation facing the nation as he originally touted to the American people.

“I wish I hadn’t called it that. It has less to do with reducing inflation than it does providing for alternatives that generate economic growth,” Biden said during an appearance at a campaign fundraiser in Park City, Utah according to the press pool report.

“And so, we’re now in a situation where if you take a look at what we’re doing in the Inflation Reduction Act, we’re literally reducing the cost of people being able to make their — meet their basic needs,” Biden said.

“Even when there is inflation there is a way to provide breathing room,” he added, citing negotiating medical prices as one example.

Biden’s comments are a sharp turn from what he said in July 2022 ahead of the Inflation Reduction Act’s passage through Congress on a party line vote. (Read more from “Biden Makes Unexpected, Incredible Admission About His Inflation Reduction Act” HERE)

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Another Year of Bidenflation Means More Record-Breaking Independence Day Cookout Costs

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Backyard barbecue buffs all across the nation will pay more for several grilling goodies in 2023 after enduring yet another year of the Biden administration’s damaging economic policies.

A new report from the American Farm Bureau Federation (AFBF) found that the total cost for a 10-person Independence Day gathering featuring hamburgers, chicken, pork chops, chips, lemonade, ice cream, and other goodies will cost $67.73.

AFBF framed this year’s estimation as “Down Slightly From 10-Year High,” after last year’s total of $69.68. But that framing doesn’t provide the whole story, especially considering that Americans will pay 17 percent more for hamburger buns, 5 percent more for potato salad, 4 percent more for ground beef, and 3 percent more for strawberries and ice cream than they did in 2022.

AFBF’s Chief Economist Roger Cryan noted that this year’s overall calculated cost is “still 14 percent higher than it was two years ago.” Data also shows this is “the second highest” priced cookout recorded since the survey’s conception in 2013.

Two years have passed since President Joe Biden’s White House bragged about saving Americans money on their backyard barbecues in 2021. In reality, the prices of barbecue basics were only pennies lower than in 2020, when prices were marred by government-mandated lockdowns and a supply-chain crisis. At the time, Americans were also struggling to keep up with record-high gas prices and a 5 percent increase in the cost of consumer goods.

(Read more from “Another Year of Bidenflation Means More Record-Breaking Independence Day Cookout Costs” HERE)

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Eggs-Tortion? Profits for Largest U.S. Egg Producer Soar 718%

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Remember when the price of eggs soared, and providers said it was inflation and higher transportation costs and a sudden drop in production and some kind of avian flu?

Pepperidge Farm remembers.

But it turns out that Cal-Maine Foods, the largest U.S. producer, more than doubled its revenue last quarter to nearly a billion dollars because of sharply higher egg prices — and profits surged 718%. And production wasn’t down. Cal-Maine, which controls about 20% of the domestic egg market, said the total number of eggs it sold rose by 1%, CNN reported.

The company said the average selling price for a dozen eggs in the quarter ending February 25 was $3.30. That’s more than twice what a dozen cost a year earlier, when its average price was $1.61, Cal-Maine said. Thus, net income soared to $323.2 million from just $39.5 million a year ago, CNN reported.

In January, the cost of a dozen eggs surpassed the price of a pound of beef, marking the first time that’s happened since the U.S. Bureau of Labor Statistics (BLS) began keeping data in 1980. The average price of a dozen large Grade A eggs ran at $4.82 in January 2023, while a pound of ground beef was $4.64, the BLS said. In January 2022, eggs were $1.93, and beef was $4.77, but egg prices have soared by 70% in the last year alone, according to the bureau. (Read more from “Eggs-Tortion? Profits for Largest U.S. Egg Producer Soar 718%” HERE)

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Half of Americans Say They Are Worse Off, Highest Since Great Recession

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Half of Americans say they are worse off financially than they were a year ago, the highest level of reported decline since the financial crisis, a Gallup poll released Wednesday showed.

The results are unusually grim.

“Since Gallup first asked this question in 1976, it has been rare for half or more of Americans to say they are worse off. The only other times this occurred was during the Great Recession era in 2008 and 2009,” Gallup News said.

The results of the survey, taken between January 2nd and the 22nd, suggest the high toll of inflation on the financial situation of many Americans. Average hourly and weekly wages declined for the second consecutive year in 2022, as pay increases were swamped by higher prices. Gallup said higher interest rates and the decline in the stock market also weighed on people’s view of their financial situation. (Read more from “Half of Americans Say They Are Worse Off, Highest Since Great Recession” HERE)

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Americans Could Be in a ‘World of Hurt’ if Biden Doesn’t Act, Ex Walmart CEO Warns (VIDEO)

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Mass layoffs are plaguing more than just the Big Tech industry.

On Sunday, former Walmart CEO Bill Simon joined “Fox & Friends Weekend” to warn Americans of the detrimental impact that corporate layoffs could have on the U.S.’s feeble economy.

“It’s crazy right now. We’re stuck in this loop of wage inflation, product inflation and cost inflation. And it’s just that cycle keeps going. And I think, unfortunately, an inevitable byproduct of some of the Fed’s moves and as the necessary medicine we have to take to kind of cool things down and get the inflation back under control on some of these layoffs that are coming,” Simon told co-host Will Cain.

Although the labor market remains healthy and one of the few bright spots in the economy, there are signs that it is beginning to soften. In addition to a number of high-profile tech layoffs over the past month, the economy added 223,000 jobs in December, the smallest gain in two years.

Federal Reserve officials have said they expect unemployment to climb as a result of their aggressive interest rate hike campaign. Updated projections from the central bank’s December meeting show that officials expect unemployment to rise to 4.6% by the end of this year, up from the current rate of 3.5%. (Read more from “Americans Could Be in a ‘World of Hurt’ if Biden Doesn’t Act, Ex Walmart CEO Warns” HERE)

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The Pain Isn’t Goin’ Away: Inflation Cost Households an Extra $10K

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Inflation is over, the administration crows, even as Congress works to pass another massive spending bill — this time, $1.7 trillion.

But struggling families know not to pop the cork yet.

The consumer price index rose just 0.1% last month, bringing the 12-month rate to 7.1% — still higher than any year since the disco days of 1981. Politicians have downplayed inflation ever since President Biden ignored economist warnings in early 2021 that it would be economic malpractice to throw a $1.9 trillion stimulus bill at a supply-constrained economy. Then we were told that inflation was “transitory,” a relic of corporate price gouging and “Putin’s price hike.” . . .

Since President Biden took office, the cumulative 13.8% inflation is roughly 10% higher than the baseline rate. This has cost the typical household approximately $10,000 over two years.

Those household costs will continue rising even if the inflation rate normalizes. That is because this recent extra 10% inflation will remain embedded in prices moving forward. Inflation rates may return to 2% or 3%, but they will be applied to a permanently elevated price level. And with wage growth notably slower than price growth over the past two years — producing the steepest decline in real wages in decades — most families will remain behind. (Read more from “The Pain Isn’t Goin’ Away: Inflation Cost Households an Extra $10K” HERE)

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Mission Accomplished: Biden Claims Victory on Inflation… as Prices Continue to Rise; Kamala Cheers: ‘You Did It Joe!’

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By Breitbart. President Joe Biden on Thursday defended his economic policies as data showed consumer prices continued to climb in October.

“It will take time to get inflation back to normal levels – and we could see setbacks along the way – but we will keep at it and help families with the cost of living,” Biden said in a statement.

The Labor Department’s consumer price index rose by 0.4 percent from September. The Consumer Price Index (CPI) is up 7.7 percent year-over-year. . .

Biden spun the news as positive, declaring the it was “a much-needed break in inflation at the grocery store as we head into the holidays.”

He urged patience, declaring that “we are seeing progress in getting inflation under control.” (Read more from “Mission Accomplished: Biden Claims Victory on Inflation… as Prices Continue to Rise” HERE)

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Kamala Harris Flatters Joe Biden After Midterm Elections: ‘You Did It Joe!’

By Breitbart. Vice President Kamala Harris celebrated Democrats’ strong performance in the midterm elections, despite their likely losing the majority in the House of Representatives.

Harris traveled to an event in Washington, DC, with Biden and first lady Jill Biden to thank volunteers and supporters for their efforts during the election.

The Vice President began her speech gushing over “our one and only President Joe Biden” praising his efforts during the election.

“You did it, Joe!” she said, bursting into laughter, presumably referring to the popular internet meme featuring the Vice President congratulating Biden on the results of the 2020 election. (Read more from “Kamala Harris Flatters Joe Biden After Midterm Elections: ‘You Did It Joe!’” HERE)

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Joe Biden: American Women ‘Showed up and Beat the Hell Out of’ Republicans

By Breitbart. President Joe Biden boasted Thursday that American women who supported abortion “beat the hell out of” Republicans in the midterm elections.

“As I said, women in America made their voices heard, man,” Biden said during a rally in Washington, DC, referring to the Supreme Court decision to overturn Roe v. Wade.

He also referred to Justice Samuel Alito who wrote in his opinion that “women are not without electoral or political power” and said that women on both sides of the abortion issue could use the democratic process to change abortion policies.

“Well guess what?” Biden bragged. “You showed up and beat the hell out of them.” (Read more from “Joe Biden: American Women ‘Showed up and Beat the Hell Out of’ Republicans” HERE)

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Biden’s ‘Let-Me-Give-You-The-Facts’ Tweet Gets Instant Fact-Check From Twitter

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President Biden on Friday was fact-checked by Twitter for inflating the number of corporations that were making billions.

In a tweet, purporting to give his followers “the facts,” the president asserted that 55 corporations made $40 billion in 2020 and “paid zero in federal taxes.”

The tweet included context added by readers, noting that Biden’s Inflation Reduction Act imposed a minimum tax on corporations with average pre-tax earnings greater than $1 billion.

It noted that of the 55 corporations mentioned by President Biden, only 14 had earnings greater than $1 billion and would be eligible under Biden’s tax law. (Read more from “Biden’s ‘Let-Me-Give-You-The-Facts’ Tweet Gets Instant Fact-Check From Twitter” HERE)

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