The American economy under the ‘leadership’ of the country’s dementia president as well as the Democrat-controlled Congress is abysmal.
Inflation has risen to 40-year highs as food, gasoline, diesel fuel and energy prices have all skyrocketed. Worse, Democrats continue to pour trillions of dollars into the already overheated economy, which is making inflation worse.
For months, tens of millions of Americans have seen their household budgets collapse as tax breaks and pay raises they obtained during the Trump were eaten up — and then some — by Bidenflation. More and more purchases have been made on credit, leading to a dramatic rise in credit card debt, as noted by the Washington Post:
Credit card debt surged in the United States from April through June as Americans borrowed billions of dollars to continue spending in the face of growing inflation, according to a Tuesday report from the Federal Reserve Bank of New York.
Credit card balances increased $46 billion in the second quarter, a 5.5 percent increase from the first quarter, and there was also an uptick in new credit card accounts. The 13 percent increase from the second quarter of 2021 to the second quarter of 2022 was the biggest such jump in more than 20 years.
“Americans are borrowing more, but a big part of the increased borrowing is attributable to higher prices,” researchers for the New York Fed said in a news release, the Post reported.
In addition, more Americans are having difficulty paying their monthly bills.
According to SHTFPlan.com, some 20 million households are dangerously behind on their electric bills, thanks in large part to dramatically rising electricity prices.
“Soaring electricity prices are going to spark what is said to be the worst-ever crisis in late utility payments and result in a ‘tsunami of shutoff’ just as the colder months of winter approach,” the report noted.
Bloomberg News, citing data from the National Energy Assistance Directors Association (NEADA), reported that electricity prices have skyrocketed since 2020 after becoming stagnant during the 2010s, a steep rise that has resulted in a significant number of overdue power bills.
And of course, the rising cost of electricity is being driven by Biden’s war on fossil fuels: As the cost of oil, natural gas, and coal that power electric plants rise, so too has the price of a kilowatt hour.
Just last week, natural gas — which powers some 40 percent of the country’s electricity plants — rose to its highest level since 2008 after it (and gasoline) had fallen in price to recent historic levels during Trump’s fossil fuel-friendly administration.
“Utility shutoffs have become more common across the US as some lower-tier households are thousands of dollars behind on their power bills. Coupled with the rising food prices, things are not looking up for those who are barely getting by. Many have maxed out credit cards or are close and still cannot manage to pay all of the bills. Households are making the choice between heating their homes or feeding their kids,” SHTFPlan.com reported further.
“People on the bottom, they can’t pay” their electricity bills, said Mark Wolfe, NEADA’S executive director.
That likely means the Biden regime and Democrats will likely try to pass another massive stimulus package to help Americans pay their bills, but that will only worsen an already high inflationary situation in the country.
Then again, the real power brokers behind our dementia president — Obama loyalists, every one — don’t care. They are trying to crash the economy because they hate America as founded and want to see the country shift to a more socialistic society with the Democratic left permanently in charge.
The U.S., like Europe, is collapsing as the globalist elite’s war on the West continues unabated.
Sources include:
SHTFPlan.com
Bloomberg.com
WashingtonPost.com
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