The holidays are around the corner and in this economy, that means Americans will either stretch budgets as best they can, go into debt or go without.
Bidenomics, the name President Joe Biden embraced for his plan to “restore the American Dream,” has proven to do anything but that.
Reports on how the economy is doing on a macro level vary. Some wonder if we are currently in a recession, others say it’s coming, and still others posit we just missed one.
Inflation is lower than it was two years ago, but it’s still higher than it was even in 2020, when it was just at 1.2%. It rose to 3.7% then fell back to 3.2% in October. Mortgage interest rates are still high, and credit card debt is too. The average balance is now $6,000, higher than it’s been in a decade, suggesting people are still struggling to make ends meet.
Even if prices are going up slower than before or inflation has decreased over all, people are still experiencing increases on top of increases. The compound effect of this has people reeling.