While the Biden Administration vehemently argued about whether or not our nation is technically in a recession, the American people languish under the grave reality of an economy under leftist control. As we try to gauge the suffering of ordinary citizens, there are many numbers worth considering. Inflation is an obvious one. The recent 9.3 percent inflation rate is staggering compared to what we saw under President Trump. His inflation rate never went up to 3 percent, let alone nine. And I certainly don’t think I need to remind you about what gas prices are like under Biden.
Yet, one of the economic numbers that troubles me most is a recent report that consumer credit card debt skyrocketed by 13 percent in the second quarter of 2022. We haven’t seen increases like this in more than two decades. Among Americans 25 and younger, the number is an even more staggering 30% increase. With average interest rates over 19% for each new credit card, this is like a double tax on the already astronomical inflation rates. Obviously, our nation is suffering under the economic pressures of the inept Biden Administration.
While it is tempting to lay all of the blame on Biden, let’s also remember the role that personal responsibility plays when it comes to personal finance. Many states require public school students to go through a personal finance class in order to graduate, but parents should never rely on the government to teach the values that ought to be taught at home. In a world where lenders like Capital One spend a billion dollars per quarter to sell credit cards, children need to be taught that it is up to them to secure their financial futures.
The rapid rise of credit card debt ought to speak volumes about the Biden Administration’s failures, but it should also be an indicator that it is time for Americans to take matters into their own hands. Make financial literacy a goal for yourself, and teach it to your children so they don’t have to depend on the good graces of the government or a credit card company to live with dignity.