Government gets fatter while Americans rack up record-high credit-card debt
'Kudlow' panelists Art Laffer and Steve Moore react to voters ditching 'Bidenomics' ahead of the 2024 presidential election.
While the White House lectures on the strength of the economy, Americans are drowning in credit-card debt, which hit a record high $1.13 trillion by the end of last year.
Of course Americans are sour on the economy: they’re having to put necessities on credit cards that charge $240 billion in interest annually. How we got here is a lesson in failed government policy.
Excessive government spending over the last four years has created nothing short of a cost-of-living crisis, which has left families mired in debt. When the government spent, borrowed and printed trillions of dollars, that devalued the dollar, causing inflation. Every American’s paycheck and savings lost value and could buy less.
President Biden speaks about his «Bidenomics» economic plan on Aug. 15, 2023 in Milwaukee, Wisconsin. (Scott Olson/Getty Images / Getty Images)
From January 2021 to June 2022, real (inflation-adjusted) average weekly earnings fell 5.1%. By January 2024, three years after Biden took office, real earnings were still down 4.4%. The real value of the typical American family’s weekly paycheck fell $85 over that time, despite growing $270.
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With 60% of families living paycheck to paycheck, many people had to get second or even third jobs to make ends meet. While that increases payrolls and makes the monthly jobs numbers look great, it’s actually a sign of impoverishment, not wealth. Many families also fell into debt, relying on credit cards to pay for necessities like rent, groceries and utilities.
That has caused credit-card
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