Money Squeeze
CNBC is reporting results from a new Lending Club report…and given the results, it’s no wonder that virtually every Republican in Congress retweeted the story.
As of last month, 61 percent of adults say they are living paycheck-to-paycheck…slightly more than last year’s 59 percent level…and more than the 58 percent who said the same thing in a CNBC survey last spring.
And the crunch is especially acute if you make less than $100,000 per year. Three quarters of those earning less than $50,000…and two thirds of those earning between $50,000 and $100,000, were living paycheck to paycheck—again, up from a year ago.
Separately, TD Bank’s annual consumer spending index shows that four out of five consumers’ spending habits have been affected by inflation…this as the Fed is poised to raise interest rates for the 12th time later this month.
Earlier this year, a CNBC Your Money Confidence Survey showed that some 70 percent of Americans admit to being stressed about finances—largely due to inflation, rising interest rates, and a lack of savings. In fact, only 45 percent of adult Americans say they have an emergency fund…and of those who do, a quarter of those—26 percent—say they have less than $5,000 saved.
If that’s Bidenomics…that may not be a positive selling point for a president seeking re-election.
