A new CNBC survey finds that three in four Americans between the ages of 18 and 34 are under stress because of their personal finances.
Just over two years into the Biden and Americans are under a huge degree of financial stress. Seventy percent of Americans report being stressed about their personal finances. Stress levels are highest among young Americans, a voting group that supported Biden by a 2-1 margin.
37 percent of Americans between the ages of 18 and 34 are very stressed over their finances.
Two in three 18- to 34-year-olds told CNBC that they are living paycheck to paycheck (versus 58 percent of all Americans).
Americans are poorer since Biden took office. Inflation has eaten into wages. Real wages (wages after accounting for inflation) have declined by 4 percent. Prices are up by 14 percent, wages up by only 10 percent.
Stock market values are also down after accounting for inflation. The S&P 500 closed today (April 14) at 4137. After inflation, that’s a 5 percent loss in value since Biden took office.
The average rate on a 30-year mortgage is now 6.3 percent, more than twice the 2.77 percent rate when Biden took office. Housing affordability is at a record low.
Inflation, economic instability and high interest rates are the primary sources of stress. All of these are a direct result of the Biden Administrations reckless spending and borrowing policies.
Interestingly, student loans hardly enter American’s stress levels. Less than one in four 18- to 34-year-olds (and one in seven Americans overall) report being stressed over student loan debt. Only 27 percent of 18- to 34-year-olds told CNBC that they have any type of student debt. The fact of the matter is the student loans are an elite concern and that Biden’s forgiveness plan amounts to welfare for the well off.
Biden’s economic policies are making Washington insiders richer and everyday Americans poorer.