According to a report, more Americans are struggling financially even more currently than the aftermath of the COVID-19 pandemic.
As the economy slows while inflation and interest rates rise, nearly 90 million adults are struggling financially to provide for their families in Joe Biden’s America, according to new U.S. Census data.
The Census Bureau’s latest Household Pulse Survey showed that 89.1 million people reported it was somewhat or very difficult to pay for usual home expenses between April 26 and May 8 of this year.
That statistic increased to 38.5% of adults this year, compared to 34.4% one year ago and 26.7% during the same period in 2021.
You can see that data here.
According to a report from Bloomberg, more Americans are struggling financially, even more than in the aftermath of the COVID-19 pandemic, according to a Census Bureau survey.
During the 2023 State of the Union address, Biden claimed to have created 800,000 new jobs and cut the deficit by $1.7 trillion.
Former President Donald Trump blasted the current president on TRUTH Social for those claims.
“Joe Biden has been a disaster for the economy,” Trump declared in a video posted to Truth Social. “Between his massive tax hikes, his anti-energy crusade, and his trillions of dollars in wasteful spending, Biden caused the highest inflation in almost half a century.”
“As a result, interest rates soared to crushing levels and now we are seeing bank failures that nobody believed even possible just two years ago,” he continued.
A major concern on Capitol Hill that could cause the financial situation to get worse is Congress having to raise the federal government’s $31.4 trillion debt ceiling by June 1 to avoid default.
President Biden is currently in a standoff over the ceiling with Republican House Speaker Kevin McCarthy, who wants spending cuts in exchange for lifting the ceiling.
Virginia GOP Rep. Ben Cline criticized the Biden administration for not putting forward any legislation regarding the debt ceiling crisis.
“A lot of things were attached to the debt ceiling increase, but we were the only ones who were successful in passing a bill,” Cline said on the “Just the News, No Noise” TV show. “The Senate Majority Leader Chuck Schumer and President Biden like to attack our legislation, but they haven’t put forward any of their own.”
“So they need to quit whining and actually come to the table and negotiate and hopefully that’s what we’ll see today,” he continued.
The GOP-led House passed a bill last month that raised the debt limit by $1.5 trillion into next year and included federal spending reforms.
North Carolina Rep. Greg Murphy said it’s going to take a while to fix the Biden economy, with inflation going up and young people not being able to purchase a house.
“You can’t buy a home — not with these prices and with the way inflation is eating at all their income,” Rep. Murphy said on the “Just the News, No Noise” TV show. “It’s not good for the present time and probably won’t be for the next five to eight years.”