While the White House lectures on the strength of the economy, Americans are drowning in credit card debt, which hit a record-high $1.13 trillion by the end of last year.
Of course, Americans are sour on the economy: They’re having to put necessities on credit cards that charge $240 billion in interest annually. How we got here is a lesson in failed government policy.
Excessive government spending over the last four years has created nothing short of a cost-of-living crisis, which has left families mired in debt. When the government spent, borrowed, and printed trillions of dollars, that devalued the dollar, causing inflation. Every American’s paycheck and savings lost value and could buy less.
From January 2021 to June 2022, real (inflation-adjusted) average weekly earnings fell 5.1%. By January 2024, three years after President Joe Biden took office, real…
