According to a CNBC study, 70% of people in America are dealing with financial hardship.
Sixty percent of people cited Biden’s inflation as the top cause of their financial pain, which was made worse by Biden’s war on the energy industry.
Bloomberg reported that American households lost $433 per month because of Biden’s 40-year record inflation in 2022.
Around 36% of respondents also said that increased interest rates were stressing them out. As the Fed considered dealing with surging inflation and the overall stability of the U.S. banking system, it continued to raise the interest rates to fight inflation.
Banks have suffered because of these interest rate increases which have affected overall economic sentiment.
“Uncertainty is increased by the failures of Signature Bank and Silicon Valley Bank as well as concerns about the stability of the American financial system. According to the survey, only 13% of adults stated they have a high level of confidence in American banking. One-third of people indicated they were significantly more worried about their own financial stability as a result of the recent banking crisis, while 42% said they were only somewhat more worried.”
Additional troubling patterns from the survey included the percentage of people who live paycheck to paycheck and the prevalence of credit card delinquency.
“The majority of Americans (58%) live paycheck to paycheck, according to the survey. Many people who are struggling to make ends meet are using credit cards to make up for any shortages. Meanwhile, almost 25% of those surveyed claimed that their financial stress was also a result of credit card debt.”
“According to government statistics, credit card balances are increasing and the default rate is rising. According to a report by the U.S. Federal Reserve, household debt levels increased by $38 billion in February compared to the same month last year.”
“Only 45% of adults in the US reported having an emergency fund. Additionally, 26% of those surveyed who do have emergency funds reported having less than $5,000 on hand.”
4,336 adults were questioned by the CNBC survey at the end of March. The survey’s margin of error was not disclosed.
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