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Standard of Living Has Tanked Under President Biden: Survey

Charlie Kirk Staff

07/04/2024

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Standard of Living Has Tanked Under President Biden: Survey

If President Biden believes he is building back better, he has not convinced the American people.

A new Bankrate survey of 2,407 Americans showed that, in order to live comfortably in Joe Biden’s America, they believe they need to make $186,000 annually, Newsmax reported.

But the most recent United States Census showed that only six percent of Americans make that income, or higher, and that the average American earns $79,000 per year.

“While 37% of Americans think it’s possible they’ll someday get to that income level, 49% are not holding out this hope, with 31% saying it’s unlikely and 18% saying it’s impossible,” the report said.

“Having weathered inflation that’s jacked prices up 21% in the past three years, Americans now dream of financial comfort more than they do being rich, the Bankrate “Financial Freedom Survey” found. They define living comfortably as being financially prepared for the future and not worrying about money,” it said.

Another survey by the Federal Reserve Bank of Philadelphia showed that a third of people earning more than $100,000 per year are concerned about making ends meet, an increase from the 28.7 percent it was last year.

“Many Americans are stuck somewhere between continued sticker shock from elevated prices, a lack of income gains, and a feeling that their hopes and dreams are out of touch with their financial capabilities,” Bankrate Senior Economist Analyst Mark Hamrick said.

“We’ve gone from an environment where inflation was the focus, [to] an affordability crisis, now front and center,” he said.

And only a quarter of Americans say they are financially secure, a decrease from 28 percent last year.

“Indeed, a third report from GoBankingRates in February found that in many major U.S. cities, making $150,000 a year — once thought to be a handsome salary — is only enough to qualify as “lower middle class.” Exorbitant housing was blamed as the main culprit, along with expensive childcare and transportation,” the report said.

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Charlie Kirk is the Founder and President of Turning Point USA, a national student movement dedicated to empowering young people to promote the principles of free markets and limited government.

Charlie is also the host of “The Charlie Kirk Show” podcast, which regularly ranks among the top-10 news shows on Apple podcast news charts, and is the host of the nationally syndicated daily radio show on the Salem Radio Network live from 12 - 3 PM ET.
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