President Biden added another record to his infamous portfolio of terrible outcomes – his approval rating just slipped to its worst reading … ever.
A scant 39% of U.S. adults approve of the job Biden is doing, according to a new AP poll, and only 20% believe the president has led the country in the right direction. Heck, only 33% of Democrats think things are going well with Joe at the wheel.
The new low comes as food prices took a 9.4% jump last month, gas prices are hitting new record highs every single day, housing rents are breaking all-time records, and both houses and cars are unaffordable for many. It also didn’t help that the administration unnecessarily shut down a baby formula plant and failed to put a contingency in place for months while worried moms frantically tried to find food for their infants.
“The whole thing is a disaster,” Jay Gerard, a 26-year-old father of two said. “Everything is too expensive. We’re living at my parents’ because we just can’t make it on our own with food, gas, and rent so high.”
Jay isn’t alone. Many families with low credit scores are struggling to keep up payments on cars, credit cards and loans.
“Consumers with low credit scores are falling behind on payments for car loans, personal loans and credit cards, a sign that the healthiest consumer lending environment on record in the U.S. is coming to an end.”
As the Federal Reserve continues to raise interest rates, lower-income families are going to find their minimum payments on credit cards too much to pay which will force them to choose between paying for essentials or paying bills.
As gas and food are set to get even more expensive, the toll on working families will grow to a breaking point.
“How that all mixes out we are all going to see in the next few months,” Raul Vazquez, Oportun Financials’ chief executive said.
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