Biden Era Inflation Caused a Consumer Debt Explosion


The share of Americans who say that the economy is on the wrong track rose in March to 73 percent, according to a survey conducted by housing finance giant Fannie Mae. That is the highest ever share in records that go back as far as 2010.

It’s remarkable how quickly the public’s perception of the economy has deteriorated. A year ago—one year into the pandemic and at the start of Biden’s term as president—the share of people saying the economy was on the wrong track was 51 percent. Thirty-seven percent said the economy was on the right track. Now the right-track share is down to 21 percent—a record low.

There was also a big jump in the share of respondents who said they expect their personal financial position to worsen over the next twelve months. A year ago, around 15 percent were expecting dark times ahead for their personal finances. In March, this moved all the way up to 25 percent, also a record high.

This level of bad feelings about the economy is all the more remarkable given the very low level of unemployment the country is … well, we were going to say enjoying, but that’s the point. We have low unemployment, but almost no one is actually enjoying it. Jobless claims for last week came in at the lowest level since 1968. If you adjusted the figures for the growth of the U.S. population and size of the workforce, last week would undoubtedly have been the lowest level of jobless claims since the invention of unemployment benefits.


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