Bidenomics: Credit card balances are above $1 trillion for the first time

Brett T. | 9:00 PM on August 08, 2023

President Joe Biden's handlers really thought they had something with "Bidenomics." What with all the great news about the economy, it was time to crow a bit and take a victory lap. The problem is that most Americans don't seem to know just how great the economy is; instead, they're focused on gas prices and inflation and grocery bills and utilities. Biden is proud to announce that inflation is down from its peak that we hadn't seen in 40 years, but it's still more than it was when President Trump left office.

NBC News is reporting that Americans are running up credit card debt "to make ends meet." So much so that aggregate credit card debt has surpassed $1 trillion for the first time.

Americans increasingly turned to their credit cards to make ends meet heading into the summer, sending aggregate balances over $1 trillion for the first time ever, the New York Federal Reserve reports. https://t.co/AOEgYTG8aV
— NBC News (@NBCNews) August 8, 2023

Vice President Kamala Harris just alerted us that the average American family is one $400 emergency from bankruptcy. Bidenomics!

Jeff Cox reports:

Americans increasingly turned to their credit cards to make ends meet heading into the summer, sending aggregate balances over $1 trillion for the first time ever, the New York Federal Reserve reported Tuesday.
Total credit card indebtedness increased by $45 billion in the April-through-June period, an increase of more than 4%. That took the total amount owed to $1.03 trillion, the highest gross value in Fed data going back to 2003.
The increase in the category was the most notable area as total household debt edged higher by about $16 billion to $17.06 trillion, also a fresh record.

There is hope; if San Francisco passes its reparations plan, black residents will see all of their debt, including credit card debt, eliminated.