https://sputnikglobe.com/20230901/american-wage-earners-living-hand-to-mouth-under-evil-democrats-1113052405.html
American Wage-Earners Living Hand-to-Mouth Under 'Evil' Democrats
American Wage-Earners Living Hand-to-Mouth Under 'Evil' Democrats
Sputnik International
Americans are now struggling to make ends meet more than at any time for decades, figures show. Economist and professor Mark Frost said the Biden administration was either incompetent or evil in its management of the economy.
2023-09-01T16:54+0000
2023-09-01T16:54+0000
2023-09-01T16:54+0000
americas
us
poverty
https://cdn1.img.sputnikglobe.com/img/07e7/03/1b/1108839736_0:321:3071:2048_1920x0_80_0_0_e0bcf0d0254a6e921cb70ebc0c873807.jpg
Americans are worse off than at any time since the 1970s thanks to the 'evil' policies of the Biden administration, says a US economist.A new survey has found that half of US citizens are living hand-to-mouth, unable to save money and spending their last paycheck before the next comes in.Economist Mark Frost told Sputnik that the statistic did not surprise him, as US President Joe Biden's Inflation Reduction Act was in fact "the Inflation Increase Act."He said the definition of living "paycheck-to-paycheck" depended on what he called a household's "burn rate." But what he found "fascinating" was that half of those who earn more than $100,000 per year also found themselves in that predicament."Their income is better than the median income, but they spend more," Frost said. "They have higher rent. They have better cars, and they are on thin ice just like everybody else except when they crash, they're going to crash harder."The consultant said the consequences of the crisis would be "systemic." He called it "exceptionally disturbing" that 'Generation Z', the youngest American adults, are in more debt than any in history."There has never been a group of human beings more indebted than Gen Z," Frost said. "They basically say, 'oh, the government lives on its credit cards. Must be a good thing to do. We'll do that'."The libertarian went as far as to accuse the liberal Biden administration of deliberate malice in its economic policies — despite supporting the Democratic Party for most of his adult life."I think I have to go back to Nixon to find an administration that I loathe more from an economic perspective," he added. "These people are either idiots or they're evil. Either they know exactly what they're doing or they're just idiots, woke idiots."While he said he was "never a big fan of Trump," the commentator said the most marginalized Americans did better under his leadership."Minorities, inner city people, the working poor, did an order of magnitude better than those same people are doing now under Biden" Frost pointed out. "Biden has decided he's going to finance his woke agenda on the backs of the working poor and the middle class."For more in-depth analysis of current affairs, tune in to our Sputnik Radio show The Backstory.
https://sputnikglobe.com/20230810/us-inflation-increased-in-july-for-first-time-in-13-months-1112520926.html
americas
Sputnik International
feedback@sputniknews.com
+74956456601
MIA „Rosiya Segodnya“
2023
James Tweedie
https://cdn1.img.sputnikglobe.com/img/07e4/08/1c/1080307270_0:3:397:400_100x100_80_0_0_7777393b9b18802f2e3c5eaa9cbcc612.png
James Tweedie
https://cdn1.img.sputnikglobe.com/img/07e4/08/1c/1080307270_0:3:397:400_100x100_80_0_0_7777393b9b18802f2e3c5eaa9cbcc612.png
News
en_EN
Sputnik International
feedback@sputniknews.com
+74956456601
MIA „Rosiya Segodnya“
Sputnik International
feedback@sputniknews.com
+74956456601
MIA „Rosiya Segodnya“
James Tweedie
https://cdn1.img.sputnikglobe.com/img/07e4/08/1c/1080307270_0:3:397:400_100x100_80_0_0_7777393b9b18802f2e3c5eaa9cbcc612.png
us economic crisis, us inflation, us consumer debt, poverty in the usa, working poor
us economic crisis, us inflation, us consumer debt, poverty in the usa, working poor
American Wage-Earners Living Hand-to-Mouth Under 'Evil' Democrats
Americans are now struggling to make ends meet more than at any time for decades, figures show. Former Marine, libertarian economist and professor Mark Frost said the Biden administration was either incompetent or malignant in its management of the economy.
Americans are worse off than at any time since the 1970s thanks to the 'evil' policies of the Biden administration, says a US economist.
A new survey has found that half of US citizens are living hand-to-mouth, unable to save money and spending their last paycheck before the next comes in.
Economist
Mark Frost told Sputnik that the statistic did not surprise him, as US President Joe Biden's Inflation Reduction Act was in fact "the Inflation Increase Act."
He said the definition of living
"paycheck-to-paycheck" depended on what he called a household's "burn rate."
"If you lose your income, your income just stops, do you have at least one month of savings? Do you have at least one month of pay under your mattress, so to speak, or you just don't?" Frost explained. "About 65 percent of Americans live paycheck-to-paycheck under that definition."
But what he found "fascinating" was that half of those who earn more than $100,000 per year also found themselves in that predicament.
"Their income is better than the median income, but they spend more," Frost said. "They have higher rent. They have better cars, and they are on thin ice just like everybody else except when they crash, they're going to crash harder."
The consultant said the consequences of the crisis would be "systemic."
"Our national debt is about $33 trillion. That means we're going to have to forcibly extract value out of productive Americans in the future to the tune of $33 trillion. And that means that if you're younger, your expectation is higher marginal taxes," Frist noted. "There's no way to get around it. Eventually, the levee will break. They will have no choice but to either cut services and benefits or and or to raise taxes."
He called it "exceptionally disturbing" that 'Generation Z', the youngest American adults, are in more debt than any in history.
"There has never been a group of human beings more indebted than Gen Z," Frost said. "They basically say, 'oh, the government lives on its credit cards. Must be a good thing to do. We'll do that'."
10 August 2023, 21:13 GMT
The libertarian went as far as to accuse the liberal
Biden administration of deliberate malice in its economic policies — despite supporting the Democratic Party for most of his adult life.
"Today's Democratic Party is just evil," Frost charged. "As Tulsi Gabbard called them, the woke warmongers."
"I think I have to go back to Nixon to find an administration that I loathe more from an economic perspective," he added. "These people are either idiots or they're evil. Either they know exactly what they're doing or they're just idiots, woke idiots."
While he said he was "never a big fan of Trump," the commentator said the most marginalized Americans did better under his leadership.
"Minorities, inner city people, the working poor, did an order of magnitude better than those same people are doing now under Biden" Frost pointed out. "Biden has decided he's going to finance his woke agenda on the backs of the working poor and the middle class."
For more in-depth analysis of current affairs, tune in to our Sputnik Radio show The Backstory. 
