As prices for just about everything continue to rise in the era of President Biden, a new statistic provides fresh insight into just how bad things are getting for Americans.
According to a tweet from the website Zero Hedge, Americans’ savings rate has fallen to its lowest level since 2008, when Lehman Brothers filed for Chapter 11 bankruptcy.
“Surprise: personal savings rate crashes from 5.0% to 4.4%, the lowest since the month Lehman filed for bankruptcy. The US consumer is dunzo,” the site noted on Twitter.
Surprise: personal savings rate crashes from 5.0% to 4.4%, the lowest since the month Lehman filed for bankruptcy.
The US consumer is dunzo
Month after month, inflation figures have reached multi-decade highs as the economy under President Joe Biden and an congressional Democrat majority continues to make life more expensive for American consumers.
Gas and diesel prices have skyrocketed since Biden took office, as have food, housing, and automobile prices — so much so that retired Americans are now “un-retiring” so they can make ends meet.
The Daily Wire reports:
According to Bureau of Labor Statistics data, the number of retired seniors surged from 28.3 million in February 2020 to 31.6 million in October 2021, however, higher price levels and other economic challenges are now forcing Americans into “unretirement.”
Indeed reported that as of March 2022, roughly 3.2% of workers who were retired a year earlier are now employed.
The aftermath of the pandemic and its lockdown-induced economic disruptions, however, has been marked by a once-in-a-generation spike in inflation; by March, consumer price levels were increasing 8.5 percent annually.
Other economists have pointed to massive government spending — flooding the economy with trillions upon trillions of dollars during the last year of the Trump administration and carrying through the first 18 months of the Biden administration — which they say has led to higher prices as fewer goods are available.
“It is hard to rule out the influence of waning concerns about the pandemic and faster inflation, and they are surely factors,” Indeed acknowledged. “But it’s not clear that they are the main reasons.”