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Op-Ed: Inflation's up, credit card debt tops $1 TRILLION, and Americans drain 401(K)s...

This article was authored by Andy Puzder for on August 10, 2023

Listening to the Biden White House on economic issues is always a surreal experience.

It calls to mind Charles Dickens' famous line – 'It was the best of times, it was the worst of times.'

They can't keep it straight.

While President Biden claims 'Bidenomics is working,' his Vice President Kamala Harris bemoans the fact that '[m]ost Americans are a $400 unexpected expense away from bankruptcy.'

So, which is it?

Here's a clue.

New numbers out Thursday morning showed inflation ticked up to 3.2 percent in July, from 3 percent in June, bucking a 12-month streak of falling consumer price increases.

And right now, only 46 percent of Americans say they could cover an unexpected $400 bill without taking on debt.

That’s not to mention that a majority are living paycheck to paycheck.

Credit card debt tops $1 trillion for the first time in U.S. history.

And, in the second quarter of 2023, 36 percent more people drained their retirement accounts to make ends meets, compared to the same period last year, according to Bank of America's analysis of its clients' employee benefits programs.

So, obviously, not the best of times.

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