Yellen and rest of Bidenomics team ignore middle-class misery their policies create
Fox News
as Federal Reserve chair and now as secretary of the Treasury, Janet Yellen has been woefully disconnected from everyday Americans and their current financial plight.
Dr. Kevin Roberts is president of the Heritage Foundation. He serves as the seventh president in Heritage’s 48-year history.
The proof is in the numbers: While the top 20% of households still have about $500 billion of pandemic-era excess savings, everyone else has run out of money. The bottom 20% of households have not only depleted their excess savings, but also their savings that existed before the pandemic. Now, many American homes are falling into debt.
Credit card debt in particular has exploded over the last three years, hitting $1 trillion for the first time as over 60% of families live paycheck to paycheck and accumulate debt to make ends meet. Worre still, this is happening as credit card interest rates hit record highs – burying families under financing charges that are growing faster than many can afford to pay.