A new report spells more trouble for President Joe Biden and is likely contributing to his worsening poll numbers and approval ratings.
According to a LendingClub report, some 60 percent of Americans are now living paycheck-to-paycheck as the holiday shopping season approaches, as inflation and gas prices both remain higher than they were when Biden took office.
In addition, the report found that 4 in 10 consumers now consider themselves worse off than they were in 2022, CNBC reported, citing LendingClub’s data.
The report was compiled in October, just a month before the holiday shopping season kicked in.
“This year, holiday spending during the Thanksgiving week may hit a record as consumers try to maximize the weekend’s deals, according to a 2023 Deloitte Black Friday-Cyber Monday survey. Spending over the week is expected to jump 13% from last year, with shoppers shelling out $567 on average, Deloitte found,” CNBC reported.