Staff Reports
In Joe Biden’s America, the struggle to afford everyday necessities continues to hit hard. Despite the administration’s attempts to gaslight Americans into believing everything is “just fine,” the reality is far from it. The cost of living keeps soaring, making it harder for folks to make ends meet. People are feeling the pinch at the grocery store, the gas pump, and the checkout counter, prompting them to turn to credit cards just to get by – a risky move that could spell trouble for the country’s financial future.
Need a Gallon of Milk? More Americans Applying for Credit for Everyday Necessities in Joe Biden's Americahttps://t.co/Mr71psTv2w
— RedState (@RedState) March 20, 2024
The Federal Reserve Bank of New York recently reported a concerning trend: a surge in credit card applications, the highest since October 2022. In February, the rate of people seeking credit cards hit a whopping 43.4 percent, up from 42.5 percent in October 2023. Treasury Secretary Janet Yellen’s claim of “transitory” inflation seems like a bad joke now, with consumer prices rising by 0.4 percent from January to February alone, well above the Federal Reserve’s target. It’s like trying to plug a leaky dam with bubble gum.
While more applications are being approved, rejection rates for other financial needs like mortgages are climbing. And let’s not forget the delightful surprise of soaring interest rates on new credit cards, now averaging a painful 24.66 percent. With Americans racking up a record $17.5 trillion in debt in just the last quarter of 2023, including a jaw-dropping $1.129 trillion in credit card debt, it’s clear the financial house of cards is getting higher and shakier by the day.
But fear not, for Rep. Thomas Massie (R-KY) and my colleague Brandon Morse see a silver lining in this dark cloud of debt. They predict that a colossal economic disaster might just be the wake-up call Washington needs to rein in its spending spree. Although, for the average American struggling to put food on the table and gas in the tank, that kind of government epiphany might be too little, too late. It’s like watching a slow-motion train wreck, except you’re the one tied to the tracks.
As more than 60 percent of Americans live paycheck to paycheck, regardless of their income level, the brink of economic collapse is closer than many realize. And while politicians play their games, the real people suffer the consequences. This economic storm brewing in Joe Biden’s backyard is a grim reminder that that gallon of milk in your fridge might just be the last one you can afford on credit. So sip it slowly, folks, and brace yourselves for the bumpy ride ahead in Biden’s America.
