Americans have piled on more than $46 billion in new credit card debt as inflation soars

Biden supporters are celebrating the jobs report but not seeing that the report likely has to do with many being buried under a mountain of debt having to get second jobs.

The war of rhetoric continues as the Biden administration continues to pretend like nothing is wrong with the economy. The job growth for July outpaced expectations with 528,000 jobs being added in July. The overall unemployment rate is sitting currently at 3.5%.

The Dow Jones projections for July were 258,000 new jobs and 3.6% unemployment. This news, however, isn't nearly as good when you consider the absolute mountains of debt Americans are incurring as Americans have added $46 billion in new credit card debt to offset the crunch from inflation.

With the average APR of a credit card being 15.13% for existing accounts and inflation still at 9.1%, the strain on paychecks is on average 24.23% higher than it was under Voldemort Donald Trump. Wage growth in the same period is at 1.4%. So adjusting it for that, you're still paying on average 22.83% more if you're primarily using credit cards to pay for things, and from the looks of that bloated credit card debt increase, people are doing just that.

Facts are facts, gloating in a #BidenBoom hashtag doesn't change the fact that all these jobs are paying monopoly money compared to Voldemort's administration thanks to inflation wildly deflating the value of our money.

Money printer go brrr - the longer term implications of this aren’t yet even being felt.

And since I’ve been called one - No, I’m not a Trump supporter. I think he should stay on the golf course and out of politics along with the rest of the nursing home crowd we got currently fucking this nation up and raping her of the last vestiges of wealth so they can pack it away for their oligarchical aristocracies to make sure they run us into the ground for generations to come.

Calling for it again - 65 should be the maximum age of any elected official, and 2 4-year terms should be the limit on any public office. Period. No offense to your grandmother but I would trust her pie recipes far more than her knowledge of economic policy.

And speaking of old folks, did you know that more than 2 million retirees have re-entered the work force? Some cite mere boredom, but 27% of respondants to Joblist stated they’re returning for financial reasons, with 21% specifically citing inflation concerns.

As it stands now, we're 10th in the world in hardest-working nations by hours worked annually. I think with so many people having to find supplemental employment, whether through part-time jobs or gig economy work, we're going to jump up a few places if we stay in the economic quagmire we're currently wading through for too long.

Not to be a wet blanket or anything, as I would love to celebrate better numbers along with the rest of you, but we got a lot wrong with our economy. The American people taking part-time jobs on top of their full-time work to make ends meet isn't a boom, it's slavery.

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