Biden’s America: Almost 90 Million Admit to Struggling to Make Ends Meet
As the United States faces uncertain economic times, Americans are struggling to make ends meet, with almost 90 million people reporting difficulties in providing for their families, according to recent US Census data. This article will explore the current economic climate and how it is affecting Americans nationwide.
The Latest Statistics on Struggling Americans
The Census Bureau’s Household Pulse Survey, which ran from April 26 to May 8, 2021, revealed that 89.1 million Americans reported facing difficulties in paying for usual home expenses. To put that into perspective, this means that almost 40% of adults are struggling financially under the Biden administration. This figure represents a 38.5% increase compared to 2020’s 34.4%, and a 26.7% increase from the same period in 2021.
As unemployment figures continue to rise, more Americans are relying on credit cards to get by. According to a survey by the Federal Reserve Bank of New York, credit card balances reached an all-time high of $870 billion in 2021 Q1. This represents an 8% increase from the same period in 2020.
The COVID-19 pandemic’s financial impact on Americans is still being felt, with two in five Americans still struggling to make ends meet. These figures are documented in an experimental online survey representative of the overall adult population and in collaboration with several other federal entities.
Why Are Americans Struggling Financially During Biden’s Presidency?
There are several reasons why Americans are struggling financially under Joe Biden’s leadership. Among them are:
1. Inflation and the Rising Cost of Goods and Services
Inflation is the rise in prices over time. The Bureau of Labor Statistics states that inflation has risen by 4.2% in 2021. The sharp increase in prices is due to the COVID-19 pandemic’s effects on the global supply chain, labor markets, and consumer demand. Everyday expenses such as groceries, gasoline, and housing have been affected, with demand outstripping supply, leading to price increases.
2. The COVID-19 Pandemic
The COVID-19 pandemic continues to impact the US economy, with many people struggling to find work or forced to reduce their working hours due to caregiving responsibilities or contracting the virus themselves.
3. The Biden Administration’s Policies
During his presidential campaign, Joe Biden promised to raise corporate taxes to 28%, repeal tax cuts for the wealthy and corporations, and implement a $15 minimum wage. The Biden administration has also proposed an infrastructure plan worth $2.3 trillion, which aims to improve the country’s roads, bridges, and public transportation systems.
The proposed policies have led to uncertainty among business owners, who are unsure how these changes may affect their bottom line. As a result, many businesses are choosing to reduce their workforce or cut benefits to make ends meet.
4. The Federal Reserve’s Monetary Policies
The Federal Reserve is the United States’ central bank and plays a crucial role in setting monetary policy. The Federal Reserve’s recent policies, which include keeping interest rates low and increasing the money supply, have affected economic growth and led to inflationary pressures.
What Is the Biden Administration Doing to Address Economic Hardship?
The Biden administration has introduced measures to address the economic hardships facing Americans, including:
1. The American Rescue Plan
The American Rescue Plan is worth $1.9 trillion and includes measures such as stimulus checks, extended unemployment benefits, and funding for COVID-19 vaccine distribution.
2. The American Jobs Plan
The American Jobs Plan is worth $2.3 trillion and aims to upgrade the nation’s infrastructure, including transportation systems, water, and power supply networks, and the internet.
3. Increased Taxation on the Wealthy
The Biden administration has proposed increases to corporate taxes and capital gains taxes, among others, as part of its plan to reduce income inequality in the country.
4. Supporting Small Businesses
The Biden administration has pledged to support small businesses by providing funding and tax incentives. The administration has also taken steps to minimize bureaucratic hurdles and streamline the Small Business Administration’s loan application process.
The current economic situation in the United States is tough for many Americans. The country has been hit by inflation, high unemployment, and economic uncertainty, leaving many citizens struggling to make ends meet. While the Biden administration has proposed various measures to address these issues, it remains to be seen how effective they will be in providing long-term solutions. For now, Americans are left hoping for a light at the end of the tunnel.