Bidenflation made all US consumers worse off last year

By Jen Krausz on
 April 19, 2023

Americans at every income level measured by experts were worse off last year than the year before, according to a Morning Consult’s State of Consumer Banking and Payments report.

Those making $100K per year or more lost the most ground, at 2.45%, and adults overall lost .27% over the year.

The main causes of the financial woes are inflation, rising interest rates, and banking problems.

The Federal Reserve has continued to raise interest rates at a slower rate, which has increased the cost of debt payments.

Younger consumers are holding more debt than they have in the past, which means they are paying more of their income in debt.

Households paid an average of $433 a month or $5200 per year more in 2022 than previously due to interest, Bloomberg said.