BIDENOMICS - A report revealed 62 percent of United States adults live paycheck to paycheck. - JOE SAYS AMERICA CAN FIX THE ECONOMIC DEPRESSION, HOUSING CRISIS AND WAGES CRISIS WITH MILLIONS MORE ILLEGALS

 

Report: 62% of American Consumers Live Paycheck to Paycheck

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MICHAEL FOSTER

28 Mar 202347

2:17

A report revealed 62 percent of United States adults live paycheck to paycheck.

A report by PYMNTS and LendingClub, a peer-to-peer lending platform, revealed that as of February, 62 percent of Americans live paycheck to paycheck, including 48 percent of high-income consumers.

The report noted that though inflation is lower than it was in July, consumers are still contending with rising costs.

“Inflation has made life more and more expensive, and consumers have already made moves to cope, such as pulling back on discretionary expenses,” the report read. “But one can only pull back so far on spending, and PYMNTS’ data reveals that consumers are finding another way to navigate their lower purchasing power.”

The report observed that for some people “supplemental income may be the key” and noted that about a quarter of consumers had a side job in addition to 17 percent who had other forms of supplemental income.

The report noted 39 percent of those who lived paycheck to paycheck “with issues paying their bills” mentioned “extraordinary expenses” as their reason for seeking side work.

Some 55% percent of respondents reported their supplemental income grew as a share of their total income over the last 90 days.

The report surveyed 4,125 U.S. consumers from Feb. 7 to Feb. 23 and also considered economic data from other sources.

A February press release from LendingClub indicated that in January 60 percent of consumers were living paycheck to paycheck, two percent lower than in February.

The press release also touched on data about outstanding credit card balances, with the average consumer having credit card debt totaling 35 percent of their savings. 

However, this figure varied among different consumer groups. Those who indicated they were living paycheck to paycheck without issues paying their bills maintained credit card balances equaling 62 percent of their savings, and those who were living paycheck to paycheck and had trouble paying their bills had credit card debt exceeding their available savings by more than 50 percent.

 

Report: 44% of Americans Work a Second Job, 13% Increase Under Biden

AP Photo/Brennan Linsley

WENDELL HUSEBØ

29 Mar 2023193

2:11

Forty-four percent of Americans work a second job, a 13 percent increase relative to the Trump administration, a LendingClub report revealed Tuesday.

The recent increase under President Joe Biden is highlighted by a survey from FlexJobs, which found 69 percent of employed professionals either have a side job or want one.

The desire to work longer hours at a second job comes as Biden’s 40-year-high inflation cost American households an extra $5,200 in 2022 or $433 per month on average, according to Bloomberg.

While many Americans are forced to expand their income by working more hours at a second job, Biden is expanding taxes on the so-called gig economy.

As Breitbart News noted in November, the IRS warned workers that they will be forced to report income over $600 to the IRS on a form called the 1099-K. The warning was a result of Biden’s American Rescue Plan Act of 2021.

The rule is intended to compel American workers to “pay your fair share,” an idea that Biden has pushed for the wealthy but not average Americans — until now.

The LendingClub report also revealed 62 percent of Americans, including 48 percent of high-income consumers, were living paycheck to paycheck in February, up two percentage points from the month prior.

Breitbart News’s Michael Foster reported:

The report noted 39 percent of those who lived paycheck to paycheck “with issues paying their bills” mentioned “extraordinary expenses” as their reason for seeking side work.

Some 55% percent of respondents reported their supplemental income grew as a share of their total income over the last 90 days.

The report polled 4,125 U.S. consumers from February 7 – 23 and considered economic data from other sources as well.

Follow Wendell Husebø on Twitter @WendellHusebø. He is the author of Politics of Slave Morality.