Free Republic
Browse · Search
Bloggers & Personal
Topics · Post Article

Skip to comments.

The Wreck Of The US Middle Class: America’s Paychecks Bigger Than 40 Years Ago, But Purchasing Power About The Same (Credit Card Delinquencies Highest Since 1991)
Confounded Interest ^ | 06/09/2024 | Anthony B. Sanders

Posted on 06/09/2024 7:55:41 AM PDT by Kaiser8408a

Under Bidenomics and Fed monetary “policies”, we now have the wreck of the US middle class.

To begin with, America’s paychecks are bigger than 40 years ago, but purchasing power of those larger paychecks is about the sames as it was 40 years ago. Great job Washington DC!!! … NOT!!!!

Meanwhile, credit card delinquencies are at the highest level since 1991.

Americans are feeling extreme financial stress.

Coping with Bidennomics and The Fed has been most difficult. Especially if you listened to Biden’s D-Day speech (almost stolen word-for-word from a Ronald Reagan speech).

Demented Joe Biden being led by the hand by his money-grubbing wife. “Joe, you will be here soon!”

(Excerpt) Read more at confoundedinterest.net ...


TOPICS: Business/Economy; Food; Government; Politics
KEYWORDS: credit; debt; economy; middleclass; wages

1 posted on 06/09/2024 7:55:41 AM PDT by Kaiser8408a
[ Post Reply | Private Reply | View Replies]

To: Kaiser8408a

“... credit card delinquencies are at the highest level since 1991.”

This doesn’t surprise me. With essentially no change in lifestyle, I’ve notice that my monthly credit card bills are approximately double what they were 5 years ago. This is due to approximate doubling of the costs of gasoline, groceries, health insurance, auto insurance and similar other expenses that are not easy to trim. It’s possible of course to reduce or completely stop making discretionary purchases of things like clothing, consumer electronics, vacations, new appliances, etc., and I suspect you’ll see a lot that happening soon. Recession, here we come.


2 posted on 06/09/2024 8:07:44 AM PDT by irishjuggler
[ Post Reply | Private Reply | To 1 | View Replies]

To: Kaiser8408a

40 years ago your purchasing power also included actually owning the thing purchased, being able to fix it yourself, and after 40 years being able to sell it, still functioning, to somebody else.


3 posted on 06/09/2024 8:08:59 AM PDT by bakeneko
[ Post Reply | Private Reply | To 1 | View Replies]

To: Kaiser8408a

Sort of like knowing you have a terminal illness. Might live for several more months or maybe if your lucky a couple more years.


4 posted on 06/09/2024 8:24:40 AM PDT by Leep (Leftardism strikes 1 in 5.)
[ Post Reply | Private Reply | To 1 | View Replies]

To: irishjuggler
To begin with, America’s paychecks are bigger than 40 years ago, but purchasing power of those larger paychecks is about the sames as it was 40 years ago

And we are faced with the economist's efforts to manipulate inflation through such measures as hedonic adjustments and horizontal substitution [e.g. yeah your computer costs more, but it has all these neat new features - bloatware that doesn't actually provide any economic benefit] or well you can eat bugs for the same cost that steak used to be so there is no inflation in protein intake expenditure.

5 posted on 06/09/2024 8:27:08 AM PDT by AndyJackson
[ Post Reply | Private Reply | To 2 | View Replies]

To: Kaiser8408a

Fixed pension income that appeared of at least a little value in retirement cannot go as far as planned. Retirees who are able are working again because they have to.


6 posted on 06/09/2024 8:28:11 AM PDT by LibertyOh
[ Post Reply | Private Reply | To 1 | View Replies]

To: Kaiser8408a

Fellow Freepers, take your next credit card bill and look on the back for the interest rate. 30% APR. That is why defaults are up.


7 posted on 06/09/2024 8:38:15 AM PDT by Jimmy Valentine (DemocRATS - when they speak, they lie; when they are silent, they are stealing the American Dreams)
[ Post Reply | Private Reply | To 1 | View Replies]

To: Kaiser8408a

LIVE: President Donald J. Trump Holds a Rally in Las Vegas, NV - 6/9/24

https://rumble.com/v4zbjjl-live-president-donald-j.-trump-holds-a-rally-in-las-vegas-nv-6924.html


8 posted on 06/09/2024 9:17:43 AM PDT by ExTexasRedhead
[ Post Reply | Private Reply | To 1 | View Replies]

To: Kaiser8408a

Deep State’s annihilation of the middle class continues apace.


9 posted on 06/09/2024 9:19:47 AM PDT by mewzilla (Never give up; never surrender!)
[ Post Reply | Private Reply | To 1 | View Replies]

To: Kaiser8408a

LIVE: President Donald J. Trump Holds a Rally in Las Vegas, NV - 6/9/24

https://rumble.com/v4zbjjl-live-president-donald-j.-trump-holds-a-rally-in-las-vegas-nv-6924.html


10 posted on 06/09/2024 9:19:59 AM PDT by ExTexasRedhead
[ Post Reply | Private Reply | To 1 | View Replies]

To: mewzilla

Its been going on for generations not just under Biden, although he accelerated it.

Trump was reversing it so that is another reason why he had to go.


11 posted on 06/09/2024 10:09:36 AM PDT by desertfreedom765
[ Post Reply | Private Reply | To 9 | View Replies]

To: Kaiser8408a

A 3% inflation rate results in your purchasing power being cut in half every 20 years.

so over 40 years.. it would be cut in half and then have again.

so if you were making $100,000 40 years ago.. 20 years ago that would be cut to $50,000 and now would only be $25,000 worth of purchasing power.


12 posted on 06/09/2024 10:27:46 AM PDT by TexasFreeper2009
[ Post Reply | Private Reply | To 1 | View Replies]

To: Kaiser8408a

the numbers here are a little off, because if you are not making 4 TIMES what you were 40 years ago, you are actually making less.


13 posted on 06/09/2024 10:32:49 AM PDT by TexasFreeper2009
[ Post Reply | Private Reply | To 1 | View Replies]

To: Kaiser8408a
Biden may be partially responsible, but not for the reason implied.

It was the free traitors who got us into this mess. Many Republicans and Democrats including Biden supported MFN for China, telling us about the benefits to the consumer. Many Freepers also supported those trade deals, making arguments like "Why should I care where my products are made as long as I'm getting the best deal?"

And what did we get in return for sending our manufacturing, technology, money, and tax base to China? China has built up their infrastructure and military with our money, while our infrastructure is crumbling and we couldn't even pay the interest on our loans without raising the debt ceiling.

We chose communist slave labor over our own Vets, and now we have a major homeless Vet and Vet suicide problem. What a way to thank them for their service. "Well, I appreciate your service and sacrifice, but I can get that communist made widget for $.05 less, so good luck finding another job."

What's worse, we chose communist slave labor over our own kids' futures. Now, our kids are unable to pay back their student loans and are being bailed out with our tax dollars. We sit behind our communist made computers and groan about having to bail them out, but maybe they would be holding down high paying jobs and paying back those loans if we hadn't offshored the tech jobs that many of them trained for. And then we can't figure out why they're angry about everything and rioting all over the place, but what did we think was going to happen?

And why did we do all of this? To make our products more affordable? How is that working out?

I know not all Freepers were free traitors, but far too many were. I guess having Clinton, Gore, and Biden come down on the side of the trade deals wasn't enough to tell them it was a bad idea.

14 posted on 06/09/2024 10:40:13 AM PDT by TwelveOfTwenty (Will whoever keeps asking if this country can get any more insane please stop?)
[ Post Reply | Private Reply | To 1 | View Replies]

To: Kaiser8408a

BS ur chasing power is the
Same. Absolute bs


15 posted on 06/09/2024 10:42:11 AM PDT by HamiltonJay
[ Post Reply | Private Reply | To 1 | View Replies]

To: Kaiser8408a

Money Changers and Government just doing what Money Changers and Government doing what they do, nothing to see...


16 posted on 06/09/2024 11:09:32 AM PDT by eyeamok
[ Post Reply | Private Reply | To 1 | View Replies]

To: Kaiser8408a

I just bought two bars of Aluminum. 480% higher than pre Chomo Joe policies. AND a new “energy surcharge of 10%.


17 posted on 06/09/2024 12:03:59 PM PDT by Organic Panic (Democrats. Memories as short as Joe Biden's eyes)
[ Post Reply | Private Reply | To 1 | View Replies]

Disclaimer: Opinions posted on Free Republic are those of the individual posters and do not necessarily represent the opinion of Free Republic or its management. All materials posted herein are protected by copyright law and the exemption for fair use of copyrighted works.

Free Republic
Browse · Search
Bloggers & Personal
Topics · Post Article

FreeRepublic, LLC, PO BOX 9771, FRESNO, CA 93794
FreeRepublic.com is powered by software copyright 2000-2008 John Robinson