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21 charts reveal Bidenflation’s unyielding grip on Americans

by



  • Inflationary pressures continue to challenge Americans
  • Hardship is shared by Americans of all parties and ideologies
  • President Biden’s economic rhetoric seems disconnected from reality
  • RELATED: Bidenflation Soars To 18.8%, Squeezing Americans


21 Charts Reveal Bidenflation's Unyielding Grip On Americans

The big picture: inflation is a nightmare for Americans. With stagnant wages that have failed to keep pace with price increases, Americans have not been able to adjust to the higher cost of living. Average hourly earnings for all employees dropped 2.5% to $11.11 in March 2024 from $11.39 in January 2021 when Biden assumed office.

The big picture: inflation is a nightmare for Americans. With stagnant wages that have failed to keep pace with price increases, Americans have not been able to adjust to the higher cost of living. Average hourly earnings for all employees dropped 2.5% to $11.11 in March 2024 from $11.39 in January 2021 when Biden assumed office.

Since January 2021, prices have increased by 18.8%, while real wages have declined by 2.5%. People now need 21.3% more income than they had then to maintain their living standards. According to some estimates, Americans need an extra $12,828 a year to make ends meet.

The share of those very concerned has stayed above 50% for 26 months.

21 Charts Reveal Bidenflation's Unyielding Grip On Americans

Next, we examine inflation’s impact on eight different aspects.

Living Standards

Even though the year-on-year inflation rate has come down from its peak of 9.1% in June 2022 to 3.1% in January 2024, 69% are still concerned about maintaining their living standards.

Note that the concern is across the board: 66% of Democrats, 75% of Republicans, and 66% of independents.

21 Charts Reveal Bidenflation's Unyielding Grip On Americans

The chart below tracks concerns from June 2022. Notably, the share of those concerned persists in the 66% to 76% range, although the inflation rate has dropped considerably, showing that a significant share of Americans are still struggling.

21 Charts Reveal Bidenflation's Unyielding Grip On Americans

Utility Bills

The latest TIPP Poll found that a majority of Americans (58%) are concerned about paying their utility bills. Again, this concern is not driven by party affiliation. Fifty-six percent of Democrats, 60% of Republicans, and 56% of independents share the concern.

21 Charts Reveal Bidenflation's Unyielding Grip On Americans

Contrary to the notion of a good economy, the concerns persist in the 53% to 65% range, with the three-month average at 56%.

21 Charts Reveal Bidenflation's Unyielding Grip On Americans

Another recent survey by HOP Energy highlighted Americans’ struggles with paying their utility bills. The survey revealed that one in five Americans faces difficulty paying their utility bills on time. Additionally, nearly one in eight (12%) have experienced a utility shut-off due to non-payment.

Mortgage/Rent Payments

According to the latest TIPP Poll conducted early this month, over half (51%) are concerned about making mortgage or rent payments. Again, note that this concern is shared across party affiliations—53% of Democrats, 51% of Republicans, and 50% of independents.

21 Charts Reveal Bidenflation's Unyielding Grip On Americans

The chart below tracks the concern since June 2022. Notice that there has been no significant decrease, and the share concerned hovers in the 48% -55% range, which is inconsistent with the idea of a good economy.

21 Charts Reveal Bidenflation's Unyielding Grip On Americans

Other surveys support our findings. According to a recent Redfin survey, many homeowners and renters have had difficulty affording housing payments this year, resorting to selling belongings, working extra shifts, and even skipping meals.

Chen Zhao, economics research lead at Redfin, said:

The cost of housing in today’s market means some families can no longer afford other essentials, including food and medical care, and have been forced to make major sacrifices.

According to the Mortgage Bankers Association, the national median mortgage payment reached $2,184 in February, up from $2,061 a year prior and $1,750 in February 2022.

According to Rent.com data, median rents also increased to $1,981 from $1,937 a year ago and $1,684 in February 2022.

Recent data from the Transunion credit reporting agency reveals that 1.3% of mortgages are currently 60 days past due, with approximately 1,092,000 Americans falling into this category. This marks a 16% increase from the previous year.

Rising rents hit people in the $45,000 and $74,999 per year income bracket the hardest. According to a recent Harvard study, 41% of their paychecks, on average, went toward rent and utilities.

Credit Card Debt

Nearly one-half (47%) of respondents in the latest TIPP Poll are concerned about making timely credit card payments. One in five (23%) is very concerned, and another quarter (24%) is somewhat concerned.

Again, the sentiment is shared across the board by 49% of Democrats, 49% of Republicans, and 42% of independents.

21 Charts Reveal Bidenflation's Unyielding Grip On Americans

The chart below shows our monthly tracking across the previous years. Notably, 40% to 50% of Americans have shared the concern over the past year.

21 Charts Reveal Bidenflation's Unyielding Grip On Americans

According to a recent survey by debt.com, one in five (22%) have at least $10,000 to $20,000 credit card debt. Of those, just over 5% have more than $30,000. Further, one in three (35%) say they have “maxed out their credit cards in recent years while inflation and interest rates have increased.”

The Federal Reserve Bank of New York’s latest Household Debt and Credit Report showed  Americans held $1.13 trillion in credit card debt as of December. That’s a historic high.

Auto Loan Payments

Many Americans struggle to make timely auto loan/lease payments.

One-third (36%) of TIPP Poll respondents are concerned about making timely auto loan or lease payments. One in five (19%) are very concerned, and another 17% are somewhat concerned. The share of worried among Democrats is 42%, Republicans 37%, and independents 32%.

21 Charts Reveal Bidenflation's Unyielding Grip On Americans

The chart below tracks the share of concerned Americans since March 2023. The share has remained steady in the 33% to 43% range.

21 Charts Reveal Bidenflation's Unyielding Grip On Americans

According to recent news stories, car loan delinquency rates have climbed to 7.69%, the highest level since 2010.

The increase in delinquency rate is due to multiple reasons. First, the average cost of a new car now is $48,759. Second, the average interest rate for a new car loan is 7.8%, whereas for a used car, it is 8.6%. With high car prices and interest rates, one in six (17.1%) make car payments of over $1,000 a month.

Medical Costs

Most (58%) are concerned about paying for medical or health care costs, with 30% very concerned and another 28% somewhat concerned. 59% of Democrats, 60% of Republicans, and 56% of independents share the concern.

Counterintuitively, the concern decreases with age:

  • 63% for the 18-24 age group
  • 64% for the 25-44 age group
  • 58% for the 45-64 age bracket, and
  • 46% for age 65+
21 Charts Reveal Bidenflation's Unyielding Grip On Americans

The chart below shows our monthly tracking since June 2022. Note that over the past year, the data has moved in a close range from 54% to 63%.

21 Charts Reveal Bidenflation's Unyielding Grip On Americans

Children’s Education

Nearly a third (31%) are concerned about financing their children’s education. One in six (18%) is very concerned, and 13% are somewhat concerned. (The item did not apply to 53% of those who participated in the survey.)

Concern levels are similar for Democrats (35%), Republicans (30%), and independents (25%).

21 Charts Reveal Bidenflation's Unyielding Grip On Americans

Our tracking shows that worries related to children’s education continue, with the latest three-month average at 30%.

21 Charts Reveal Bidenflation's Unyielding Grip On Americans

Retirement Savings

Two-thirds (68%) are concerned about having enough savings for retirement. Four in ten (42%) are very concerned; another quarter (26%) is somewhat concerned.

Interestingly, the concern among those aged 65+ is the lowest:

  • 73% for the 18-24 age group
  • 72% for the 25-44 group
  • 73% for the 45-64 bracket, and
  • 51% for age 65+
21 Charts Reveal Bidenflation's Unyielding Grip On Americans

Tracking over the past two years shows the persisting concern.

21 Charts Reveal Bidenflation's Unyielding Grip On Americans

Quality Of Life Index

Each month, the TIPP Poll asks Americans the question:

In the next six months, do you think that your quality of life will be better, worse, or about the same as now?

The responses are converted to a compact index that ranges from 0 to 100. Above 50 is positive, below 50 is negative, and 50 is neutral. Higher the number, better the quality.

The chart below shows the yearly averages from 2001 to 2024. The average for the period is 55.6. Before the pandemic, the 2019 average was 60.3.

However, the quality of life index has dropped steadily. The average for 2022 was 48.8—the first time since 2001 that the annual average dipped below 50. It is still relatively weak for 2023 at 50.2.

  • 60.3 for 2019
  • 55.4 for 2020
  • 56.9 for 2021
  • 48.8 for 2022
  • 50.2 for 2023
  • 51.4 for 2024 (first four months)

Our broad interpretation is that the quality of life index reflects Americans’ struggles today due to inflation and economic conditions.

21 Charts Reveal Bidenflation's Unyielding Grip On Americans

RCM/TIPP Financial Stress Index

RCM/TIPP Financial Stress Index is the only metric to track the financial stress felt by Americans.

We compute the stress index from responses to the question:

Thinking of your personal finances, compared to the past three months, do you feel more stressed these days, less stressed these days, or feel the same level of stress?

The index ranges from 0 to 100; the higher the number, the more stress. A reading of 50.0 is the neutral point.

Americans’ financial struggles increase financial stress. The chart below shows the yearly average of monthly readings for each year. Notice that the levels during 2022 (67.6) and 2023 (67.5) were elevated similar to 2008 (68.4).

21 Charts Reveal Bidenflation's Unyielding Grip On Americans

Financial stress is an equal opportunity stressor, affecting Democrats (60.2), Republicans (70.5), and independents (64.4).

21 Charts Reveal Bidenflation's Unyielding Grip On Americans

The table below shows the RCN/TIPP Financial Stress Index for this month. Notice that 35 of the 36 demographic groups we track posted 60+ on the stress index.

21 Charts Reveal Bidenflation's Unyielding Grip On Americans
35 of the 36 demographic groups we track posted 60+ on the RCM/TIPP stress index in April

While we acknowledge that unemployment is low and the economy has not yet slipped into a recession, despite inflation decreasing from 9.1% to 3.5%, the majority of Americans continue to experience hardship even in the midst of what is purportedly a ‘strong’ economy. This prompts an intriguing question: Can we truly consider an economy strong when the majority of its citizens are suffering?  Look how hollow President Biden sounds during his campaign when he touts the economy and the media talking heads repeat the nonsense to the dismay of struggling Americans.

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TIPP Takes

Geopolitics, Geoeconomics, And More

1. Israel’s Iran Attack Carefully Calibrated After Internal Splits, U.S. Pressure – Reuters

Israel’s apparent strike on Iran after days of prevarication was small. It appeared calibrated to dial back the risks of a major war, even if the sheer fact it happened at all shattered a taboo of direct attacks that Tehran broke days earlier.

21 Charts Reveal Bidenflation's Unyielding Grip On Americans

Netanyahu’s war cabinet had initially approved plans for a strike on Monday night inside Iranian territory to respond forcefully to last Saturday’s missiles and drones from Iran but held back at the last minute, three sources with knowledge of the situation said.


2. “Our Next Response Will Be At Maximum Level”: Iran Warns Israel Again – Reuters

Iran’s Foreign Minister Hossein Amirabdollahian said Tehran was investigating an overnight attack on Iran, adding that so far, a link to Israel had not been proven as he downplayed the strike.

21 Charts Reveal Bidenflation's Unyielding Grip On Americans

Iranian media and officials referred to the incident as an attack by “infiltrators” rather than by Israel, obviating the need for retaliation.

Amirabdollahian warned that if Israel retaliated and acted against the interests of Iran, Tehran’s next response would be immediate and at the maximum level.


3. ‘Bombing’ Hits Iraq Military Base: Security Sources – AFP

Several people were wounded in a “bombing” overnight on an Iraqi military base housing a coalition of pro-Iranian armed groups, two security sources said.

21 Charts Reveal Bidenflation's Unyielding Grip On Americans

Responding to questions from AFP, the security sources would not identify who was responsible or say whether it had been a drone strike. Shortly after the explosion, the U.S. military said its forces were not behind a reported strike in Iraq.


4. NATO Must Choose Whether We Indeed Are Allies: Ukraine’s Zelensky – AFP

Ukrainian President Volodymyr Zelensky’s appeal to Western partners to provide at least seven more air defense systems came hours after Russia launched a wave of fatal drone and missile attacks across the country.

21 Charts Reveal Bidenflation's Unyielding Grip On Americans

Comparing Western efforts to defend Israel from Iran’s recent aerial attacks to Ukraine’s situation, Zelensky argued more could be done to help Kyiv fend off Russian bombardments.


5. Ukraine Says Downs Russian Bomber As 8 Die In Missile Attack – D.W

Ukraine’s military says its forces have destroyed a Tu-22M3 strategic bomber used to attack Ukrainian cities.

21 Charts Reveal Bidenflation's Unyielding Grip On Americans

This comes as Russian missile strikes in the Dnipropetrovsk region are reported to have killed eight people. After the attack, Ukrainian President Volodymyr Zelenskyy once more called for international help to ensure his country’s air defense.


6. China’s Foreign Investment Inflows Fall 26.1% Despite ‘Openness’ Vows – Nikkei Asia

China’s inbound foreign investment shrank to 301.7 billion yuan ($41.7 billion) despite Beijing’s efforts to woo global companies.

21 Charts Reveal Bidenflation's Unyielding Grip On Americans

Although the amount represents a 41% increase over the previous quarter, growth decelerated in March, when less than 90 billion yuan flowed in, data released by the Commerce Ministry showed. That was down from 113 billion yuan in January and 102 billion yuan in February.


7. Chinese Navy Is Operating Out Of Cambodia’s Ream Base: U.S. Think Tank – RFA

A U.S. think tank said that Cambodia appears to have given the Chinese navy extended and exclusive access to its naval base in Ream despite official claims that they only arrived for training purposes.

21 Charts Reveal Bidenflation's Unyielding Grip On Americans

The Asia Maritime Transparency Initiative (AMTI) at the Center for Strategic and International Studies (CSIS) in Washington D.C. analyzed commercial satellite imagery that shows the Chinese vessels “have now maintained a consistent presence for over four months.”


8. Solomon Islands’ Pro-China Prime Minister Reelected To Parliament – Nikkei Asia

Local media reported that Manasseh Sogavare, the China-friendly prime minister of the Solomon Islands, has retained his seat in parliament after a general election held this week.

21 Charts Reveal Bidenflation's Unyielding Grip On Americans

Sogavare is one step closer to becoming the Solomon Islands’ first incumbent to be reelected consecutively as prime minister after serving a full term in office. The archipelago held elections Wednesday to elect 50 legislature members for the first time in five years.


9. China Is Sinking And A 3rd Of Its Population At Risk, Satellite Data Shows – PTI

According to a new finding that researchers said indicates a global phenomenon, about a third of China’s urban population is estimated to be at risk due to land subsidence.

21 Charts Reveal Bidenflation's Unyielding Grip On Americans

It found that China’s urban area below the sea level could triple by 2120, potentially affecting 55 to 128 million residents. Researchers said that hotspots included Beijing and the coastal city of Tianjin.

Subsidence is primarily driven by groundwater withdrawal, which lowers the water table, the geology, and the weight of buildings.


10. China’s Flying Cars Ready For Liftoff With EV Technology – Nikkei Asia

XPeng, EHang, and other Chinese companies are commercializing flying cars this year, tapping the country’s advantages in electric car technologies to claim a large share of the emerging global market.

21 Charts Reveal Bidenflation's Unyielding Grip On Americans

XPeng AeroHT, a subsidiary of the electric vehicle startup, aims to sell a dual-mode electric vertical take-off and landing (eVTOL) vehicle that can drive on land like a car and detach a flying module for air travel.


11. North Korea Says It Conducted Cruise Missile “Super-Large Warhead” Test – Kyodo News

The country’s Missile Administration said the test of a warhead for the Hwasal-1 Ra-3 strategic cruise missile and test-firing of the Pyoljji-1-2 new-type anti-aircraft missile were conducted as “part of the regular activities” for the rapid development of technologies related to new-type weapon systems.

21 Charts Reveal Bidenflation's Unyielding Grip On Americans

The tests “had nothing to do with the surrounding situation,” according to the official Korean Central News Agency. During previous rounds, Pyongyang tested cruise missiles believed to be capable of carrying nuclear warheads.


12. North Korea Condemns U.N. Envoy’s ‘Aid-Begging Trip’ To Asia – UPI

North Korea slammed a visit to Asia by the top U.S. envoy to the United Nations as an “aid-begging trip” meant to prop up an “illegal” sanctions regime against the isolated state.

21 Charts Reveal Bidenflation's Unyielding Grip On Americans

Kim Son Gyong, the North’s Vice Foreign Minister, made the remarks about U.S. Ambassador to the United Nations Linda Thomas-Greenfield, who spent four days in South Korea this week before arriving in Japan on Thursday.


13. Haiti: UN Says Deaths Rising Sharply As Gangs Vie For Power – D.W.

A quarterly UN report on the situation in Haiti has logged a 50% increase in deaths in the country.

21 Charts Reveal Bidenflation's Unyielding Grip On Americans

Haiti, long plagued by gang violence, descended into even more unrest in February when a group of gangs joined forces and said they wanted to oust the unelected government.

After Prime Minister Ariel Henry stepped down, establishing a transitional council to usher in elections became a long and drawn-out process that was only completed last week.


14. Shock Poll Reveals What Americans Really Think About Criminals Slipping Into The US Among Record Migrant Flows – Daily Mail

Fully 76 percent of voters said they were worried about killers, rapists, and thieves sneaking across the US-Mexico frontier, a DailyMail.com/TIPP poll of 1,432 voters found earlier this month.

21 Charts Reveal Bidenflation's Unyielding Grip On Americans

15. Diet May Be Better Than Medicine For Easing Symptoms Of IBS – HealthDay News

Published in the journal Lancet Gastroenterology and Hepatology, new research findings suggest that patients should first try dietary changes before moving to drugs for easing the painful symptoms of irritable bowel syndrome (IBS).

21 Charts Reveal Bidenflation's Unyielding Grip On Americans

Research has found that a low-FODMAP diet – which involves avoiding foods like wheat products, legumes, some nuts, certain sweeteners, most dairy products, and many fruits and vegetables – can reduce IBS symptoms in most people.


16. Calories Are Key To Weight Loss Regardless Of Fasting Schedule, Study Shows- HealthDay News

Despite the fact that fasting diets are all the rage, the study authors concluded that if you simply cut your daily caloric intake, weight loss will occur no matter when you eat.

21 Charts Reveal Bidenflation's Unyielding Grip On Americans

In a news release, the researchers noted that “evidence shows that when adults with obesity limit their eating window to 4 to 10 hours, they naturally reduce caloric intake by approximately 200-550 calories per day and lose weight over 2-12 months.”


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Republished with permission from TIPP Insights

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