A new survey from Bankrate reveals a grim reality about how Americans feel overwhelmed by the current economic climate under President Joe Biden’s administration.
According to the survey, Americans believe they need to earn at least $186,000 per year to feel financially secure in an economy plagued by high interest rates, low homeownership, rising rent and home costs, and increasing consumer prices for essentials like food and gas.
Unfortunately, only 6% of U.S. adults actually earn at least that amount. Federal data shows that the median family income ranges between $51,500 and $86,000, less than half of what survey respondents said they need to feel secure.
A previous Bankrate poll indicated that Americans are not seeking a lavish lifestyle; they simply want to live comfortably without financial worries.
Despite the struggles faced by Americans, the Biden administration continues to claim economic success, often providing misleading information. For instance, Biden and his team have inaccurately stated that inflation was 9% when he took office in January 2021, when it was actually 1.4%.
This misrepresentation was so blatant that even the Washington Post awarded Biden four Pinocchios for the falsehood.
A recent research paper by four prominent economists, including Larry Summers, former Treasury Secretary under Barack Obama, found that the real inflation rate during the Biden administration, using pre-1983 calculations, reached 18% in 2022—the highest inflation rate the country has seen in over 50 years.
In the first quarter of 2024, the GDP dropped faster than expected, with real GDP increasing only 1.6% after a 3.7% rise in the fourth quarter of 2023, which was driven by government spending. Meanwhile, inflation rose to 3.7% in the first quarter, further squeezing already financially strapped consumers.
A recent study found that half of renters in America cannot afford housing. Although the data is from 2022, the economic conditions and housing availability have not significantly improved since then.
According to CBS News, many inflation-weary consumers continue to experience financial stress, with a Federal Reserve Bank of Philadelphia survey finding that 35% of Americans are worried about making ends meet, up from 29% a year earlier.
Sarah Foster, an analyst at Bankrate, told CBS MoneyWatch that the gap between what the typical American earns and what they aspire to earn means “Americans have their eyes set on this high income, and they think they need to make more money even if they know it’s unrealistic they’ll never make that amount.”
During remarks in Australia, Tucker Carlson made a poignant observation about the impact of the economy on society and the next generation. He noted that declining birth rates are a sign of economic and cultural dysfunction, with Americans struggling to afford to have children. He emphasized the need to fix the economy and culture to enable people who want to have children to do so.
Watch Tucker Carlson’s remarks on the impact of the economy on birth rates:
Tucker Utterly Stumps Reporter By Simply Asking For A Citation