Credit Card and Car Loan Defaults Hit 10-Year High as Bidenomics Continues Path of Economic Destruction

AP Photo/Jess Rapfogel

Before we continue, pay no attention to the ridiculous featured image I chose. Ridiculous, of course, because Joe Biden and his equally disastrous administration desperately continue to try to convince hardworking Americans that Bidenomics is the best thing since sliced bread. 


If you can still afford sliced bread, that is.

As my colleague Nick Arama reported in early August, even CNN called BS on Biden's nonsensical claims

Here's Joe on August 10:

Creating jobs and lowering costs for hardworking families — that's Bidenomics.

Like hell, it is.

The most recent example of Bidenomics "restoring the American dream" finds Americans defaulting on their credit cards and car loans at levels not seen in more than a decade. In addition, low- and middle-income earners have been especially hit hard by soaring prices on everything from rent, groceries, and new and used cars despite the Federal Reserve’s attempts to tamp down stubbornly high inflation.

According to Mark Zandi, chief economist at Moody’s Analytics, the squeeze is most troublesome for lower-income earners, many of whom must decide between which bills to pay — and food. 

The increase in delinquencies and defaults is symptomatic of the tough decisions that these households are having to make right now — whether to pay their credit card bills, their rent or buy groceries.

Additionally, shoppers are increasingly turning to buy now, pay later services to cover basic necessities — groceries included — with the usage of "buy now, pay later" services up roughly 40 percent in the first two months of 2023, according to data from Adobe Analytics.

Yet, Biden continues to lie. 

As reported by The New York Post, here are the five biggest lies Biden continues to tell about the state of the American economy:


1. Wages and salaries are rising for American workers.

That WAS true in the month of July. But in 20 of the past 22 months, wages have fallen BELOW inflation. The math here is simple. Since Biden entered office, wages and salaries are up roughly 12%. And inflation is up 15%.

2. Biden has created more jobs than any other modern president.

It is true we have a low unemployment rate today and the jobs market is strong. But the White House and the Democratic National Committee have been touting a chart purportedly showing that none other than Joe Biden is the greatest job creator of all time.

Better than Ronald Reagan, Bill Clinton, and Trump. But that is counting the jobs that were mostly created under Trump but disappeared during COVID when the economy shut down. Biden is counting the millions of jobs that reappeared when businesses reopened.

3. America is producing record amounts of oil and gas.

The Biden administration says we are on a path to record domestic oil production. No.

A new study by University of Chicago economist Casey Mulligan finds that the United States would be producing roughly 2 million more barrels of oil a day if we had stuck with the Trump pro-American energy production. Oil is selling at $80 a barrel.

4. Biden has reduced the budget deficit by $1.7 trillion.

He keeps repeating this fib week after week even as fact-checkers keep informing the White House it’s a Pinocchio lie. Over the past 12 months, the budget deficit has exceeded $2 trillion. The 10-year forecast for the debt is more than $8 trillion HIGHER than when Trump left office.

5. Gas prices have fallen under Biden.

Biden was recently crowing about $3.39-a-gallon gasoline. Yes, that was a big improvement from the $5-a-gallon gas this time last year. But when Trump left office, the gas price was $2.49 a gallon. And today it is $3.84 a gallon.


So here's the thing. While almost 81-year-old Biden no doubt believes everything he tries his damnedest to parrot from his teleprompter — propaganda written by left-wing handlers — I'd venture a bet that most Democrat lawmakers don't believe a word of it any more than it any more than you or I do. 

The thing is, they don't give a damn because they know that low-information rank-and-file Democrat voters don't know it's nonsense. And that's really what matters in politics, isn't it? Reality and facts don't hold a candle to beliefs when ballots are cast — on both sides of the aisle.

Meanwhile, hardworking Americans will continue to struggle until Joe Biden and left-wing policymakers are kicked to the curb. The 2024 election matters. Let's not screw it up.


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