News/Commentary

Kamala Harris makes BIG ERROR during interview – Huge Screwup!

August 31, 2023 | | Print Article

Vice President Kamala Harris definitely said the quiet part out loud in a recent interview on abortion where she stated that the average American is only one emergency away from bankruptcy.

Harris let the truth slip and stated that “[m]ost Americans are a $400 unexpected expense away from bankruptcy,” according to The Heritage Foundation.

That may not be exactly right, but it’s close enough for most households these days. The statement stands out in stark contrast to President Biden’s claiming things have never been economically better in America than under Bidenomics.

It’s a stone-cold fact that American families are in big trouble financially. Many are borrowing on credit cards now just to pay monthly expenses with no way to ever pay the debt off. It’s far worse than the Biden administration lets on and they can’t spin their way out of this mess.

“Harris’s point comes from a recent Morning Consult survey which found that in the third quarter of this year, only 46% of Americans could cover a $400 unexpected expense without going into debt. That’s not the same as being $400 away from bankruptcy, but it’s still really bad. It shows how expenses as commonplace as a surprise car repair or a medical bill are forcing many American families into debt — at a time when interest rates are disturbingly high,” The Heritage Foundation reported.

“It also raises a very disconcerting question: Is this the new Bidenomics normal?” the conservative think tank continued.

The Heritage Foundation goes on to reconfirm that the average American family is in deep, deep financial trouble.

“The Lending Club’s Paycheck-to-Paycheck Report for June confirms the Morning Consult survey. It found that a majority of Americans (54%) were living paycheck to paycheck. That includes 53% of consumers who earn $50,000 to $100,000 per year. So, this problem extends well beyond lower-income families, although it certainly hits you harder the less you have,” the outlet contended.

Personal savings have gone from $2.3 trillion when Biden came into office, shooting up to $5.7 trillion due to the government throwing money at everything during the pandemic, to now dropping to a dismal $862 billion, according to The Heritage Foundation. Those are big numbers, but they portend a catastrophe in the making for Americans.

This has not only affected lower-income Americans. According to Bloomberg, the average middle-class household has lost over $33,000 in real wealth this year alone.

“The situation is so bad that Americans are even draining their 401(k) plans to cover expenses. According to Bank of America’s analysis of its clients’ employee benefits programs (with a total of over 4 million plan participants), 36% more people drained their retirement accounts to make ends meet in the second quarter of 2023 as compared to the same period last year,” The Heritage Foundation noted.

The so-called elephant in the room here is inflation. It’s draining all the wealth out of the country which many contend is intentional.

“The Bureau of Labor Statistics publishes the Consumer Price Index (CPI) each month, a common measure of inflation. CPI takes a basket of commonly purchased goods and services and prices them on a monthly basis. In January 2021, when Biden took office, that basket cost about $261.50. In July of this year, the same basket cost $305.70. That’s a huge 16.9% increase in only two and a half years. It’s also larger than the CPI increase for any full four-year presidential term since the 1980s, and Bidenomics has 16 months to go,” The Heritage Foundation went on to report.

If things don’t change radically in the economic realm here at home and fast, this country is rocketing toward a financial implosion with Biden at the helm.

“Exacerbating the problem, wage growth has failed to keep pace with inflation—increasing only 13% since Biden took office (versus nearly 17% for inflation). When you’re living paycheck to paycheck, as most Americans are, that kind of disparity hurts,” the report asserted.

Credit card debt rose to $1 trillion in the second quarter of 2023 according to the Federal Reserve Bank of New York. That’s the highest ever. Add that to credit card interest rates that are somewhere between 15% according to JD Powers’ recent Annual Credit Card Satisfaction Survey and 22% according to Wallet Hub and it’s no wonder families can’t make ends meet.

Bidenomics is clearly not working and things are getting much, much worse despite what the Left is claiming.

Things will continue down that depressive path unless we vote a conservative president into office in 2024.

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