Americans Take on Risky Credit Card Debt to Survive Biden’s Economic Crisis

Economic expert Steve Cortes detailed on his Substack Feb. 21 how numerous Americans now don’t have money in their budget even for necessities, let alone luxuries or extra comforts and entertainment. That’s leading to a concerning amount of credit card debt.

Cortes pointed out the increasingly bleak outlook of even major national companies such as Home Depot, Nordstrom, and Walmart. These companies are losing profits and stock value. Disney, Amazon, Google, and Microsoft recently had to fire thousands of employees, too. Though Cortes didn’t discuss it, the economic crisis is even harder for small businesses, of course.

“[Cortes:] The U.S. Consumer is spent. A persistent trend of crashing Real Wages drains bank accounts and saps the spirits of citizens, especially those of modest means.

For 22 straight months now, real incomes plunge. The overall inflation rate, as measured by CPI (which assuredly undercounts actual inflation), has been materially higher than average hourly wage growth for almost all of Biden’s tenure in office. The net effect: Americans work harder to get poorer -- and struggle to simply maintain their standard of living.”

So how is the average American coping with this? A lot of people are taking on credit card debt, Cortes said, which is often very hard to pay off longterm; especially since the economy isn’t likely to improve anytime soon, so long as the Democrats steal elections and deliberately worsen the crisis. Remember that the World Economic Forum and the Gates Foundation have explicitly warned that people are going to have to put up with being poorer or losing life staples (like meat) to save the planet from (the hoax of) climate change.

But even more clear than that, the Biden administration, all the other member states of the G20 across the world, and the World Economic Forum (WEF)—among many others—have endorsed national and/or international digital currency. Based on the evidence, one cannot help wondering if the collapse of world economies are considered necessary by globalists to introduce the complete government control of digital currency and digital IDs such as China has and other places like Canada and the Netherlands want.

But, as of now, Americans are dealing with economic crisis by taking on credit card debt.

“[Cortes:] In fact, the overall growth in credit card indebtedness soared last quarter at the hottest pace in history to reach a staggering $986 Billion in total debt outstanding. As Americans borrow nearly $1 Trillion, the rate on those loans also jumps higher to above 20% -- again, the highest ever…Almost half (46%) of all Americans now carry a credit card balance rather than paying in full. For those borrowers, the average debt load is $7,486 according to NerdWallet.

So, to pay off that balance in full within one year, a borrower must pay $695 per month and not accrue any new debt. For those financially pinched, who can only set aside $200 per month (again assuming no new debt is added), it will take 5 long years to work off that loan. That’s some slog.”

Indeed. But that’s exactly what the elitist and illegitimate Biden regime wants.