Steve Cortes, president of the League of American Workers, said while Americans are seeing lower savings and higher credit card debt, President Joe Biden is saying it ‘is the sign of a strong economy.’
“Credit card debt is soaring for the average American while personal savings plummets,” Cortes said in a post on X. “Joe Biden wants you to believe this is the sign of a strong economy.”
March 2024 Consumer Credit Data from the Federal Reserve showed a savings rate of 3.2% while total credit card debt reached $1,337.77 billion. At the start of 2020, savings rates were near 10% and the total debt near $1,000 billion.
The percentage of serious delinquency accounts in personal credit cards, meaning more than ninety days late, is at the highest level since 2012, according to a CNN report.
“In the first quarter of 2024, credit card and auto loan transition rates into serious delinquency continued to rise across all age groups,” Regional Economic Principal Joelle Scally said “An increasing number of borrowers missed credit card payments, revealing worsening financial distress among some households.”
Household debt increased during the first quarter of 2024 by 1.1%, largely driven by mortgage balances.
Cortes is a political advisor and commentator. He previously traded global currencies and interest rates for 25 years for large international hedge funds. He has been an on-air broadcaster for CNBC, Fox News, and CNN. Cortes founded LAW in 2022 to conduct research and develop proposals on public policies impacting American workers and the economy.
Founded in 2022 by political strategist and commentator Steve Cortes, LAW conducts research and develops proposals on public policies impacting American workers and the economy.