Winners only.

[Kayge 10+ year member]

So, the average American ISN'T making more money than they did under Trump?

The average American has lost more than $4,000 in annual income since President Biden took office due to soaring inflation and higher interest rates thus wiping out income gains under the previous administration, according to data compiled by the Heritage Foundation.

Consumer prices have risen 12.7% since January 2021, much faster than wages, which Heritage analysts say has cost the average American worker $3,000 in annual purchasing power.

Additionally, the tightening monetary policy by the Federal Reserve and increased borrowing costs on mortgages, vehicle loans and credit cards – caused by higher interest rates – have reduced the average American’s purchasing power by another $1,200 per year.

 

[ThxOne Premium Member]

I am financially better off now than I was when Trump was in office. That is important to me.
If you are not, I would ask why(?).

Are you really? More cash doesn't mean better off.

 

[RobGMN Premium Member]

I'll consider myself fortunate. My mortgage is not an AR, nor is my car loan. I don't run a credit card balance any more b/c if I can't afford it, I don't need it.
My investments are up, and short-term trades are doing OK as the floor and ceiling allow for some bounce. Notice the DJI is winding up like a spring? That could mean a big move again. Hopefully in the right direction. If not, I continue to earn a paycheck and will use that to live.
I live far from wastefully or extravagantly, but if I had to tighten the belt a little, I would do it just like I did when I was starting out on my own.

 

[RobGMN Premium Member]

Are you really? More cash doesn't mean better off.

That's kind of how finances work. The more money/income you have, the better off you should be financially (ignoring the people that increase their spending disproportionately to their increase in income, a 'la Mike Tyson).

 

[YourNameHere 10+ year member]

 

[YourNameHere 10+ year member]

 

[YourNameHere 10+ year member]

 

[YourNameHere 10+ year member]

 

[YourNameHere 10+ year member]

 

[YourNameHere 10+ year member]

 

[Buck 5,000+ posts]

 

[ThxOne Premium Member]

That's kind of how finances work. The more money/income you have, the better off you should be financially (ignoring the people that increase their spending disproportionately to their increase in income, a 'la Mike Tyson).

Nevermind that inflation percentage is rising higher than wage increase percentages... I think the numbers would contradict your assessment.

 

[Jimi77 Premium Member]

Did Trump have us paying this much for gas, groceries, interest rates. Did Trump have us under this inflation, recession?

No, but I take a less political view of the world. Are there explanations for economic happenings beyond who I'd residing at 1600 Pennsylvania Ave? Most economists would point to the Fed, private sector, geopolitical happenings, etc and give the Prez very little credit or blame. I see diesel dropped about 15% overnight - is Biden talking mean again???

 

[YourNameHere 10+ year member]

 

[YourNameHere 10+ year member]