Rising Credit Card Debt and Delinquencies During the Pandemic

Families are struggling with increased credit card debt and delinquencies since the pandemic, attributed to factors like cash flow constraints and income loss. Costs have risen about 20% under President Biden, leading to higher living expenses. Credit card delinquencies have surpassed pre-pandemic levels, with 6.9% transitioning to serious delinquency last quarter. Housing debt remains the largest, with homeowners tapping into home equity. Student loan debt is at $1.60 trillion, with unclear delinquency rates. A majority of voters feel worse off financially under Biden's economic policies.

Financial Struggles of Gen Z Compared to Millennials

Gen Z is facing financial struggles with lower income and higher debt-to-income ratios compared to Millennials at the same age. A recent study by TransUnion found that Gen Z adults have lower incomes and higher debt compared to Millennials a decade ago.

Impact of President Joe Biden's Economic Policies on Young People

President Joe Biden's economic policies have led to high interest rates and inflation, resulting in young people accumulating more credit card debt. Housing costs, rising food prices, and heavy student loan debt are contributing factors. Debt burdens have significantly increased for Generation Z, making it harder for them to make ends meet.

Financial Vulnerability of ALICE Families in the U.S.

Nearly 40 million American families, or 29% of the population, fall into the category of ALICE - Asset Limited, Income Constrained, Employed. These households earn above the poverty line but less than what is needed to get by. Inflation and high costs have put many households, particularly low-income ones, under pressure, leading to increased credit card debt and lower savings rates.

Inflation Concerns and Economic Outlook

The latest Consumer Price Index showed annual inflation ticked up to 3.5% in March from 3.2% in February, signaling potential rate hikes instead of cuts. Influential leaders express concerns about persistent inflationary pressures and the possibility of a soft landing for the economy. Small business owners are feeling uncertain due to inflation pressures and consumers are shouldering record levels of credit card debt.

President Joe Biden losing support among young voters due to economic concerns

President Joe Biden is losing support among young voters due to economic concerns such as student debt, expensive rental market, inflation, and credit card debt. The impact of the pandemic has exacerbated the financial struggles of young adults.