Debt on the Rise Amid Inflation and Other Economic Issues

For months on end now, conservatives have been cautioning about the profound issues stemming from inflation.

At first, the Biden administration attempted to gaslight the nation into believing inflation wasn’t a real problem. Then, they changed the story to admit that inflation was present, but would supposedly be only “transitory.”

Much to the detriment and dismay of many Americans, inflation is not a transitory problem. It’s an issue that has persistently stuck with the nation, lowered consumer confidence levels, and caused a litany of other pains.

Now, breaking reports from Fox Business document a notable increase of Americans sinking into massive amounts of debt.

What to Know About Debt in the United States

As last year closed out, a 1.9% decline in retail sales happened. This came on top of reductions in online shopping as well. Both the retail and online shopping sectors have run into very real issues, due to a bottlenecked, backlogged supply chain.

According to recent data from NerdWallet, the average household in America is bogged down with a whopping $155,622 in debt. This comes in spite of the federal government handing out stimulus checks, PPP loans, and more.

There’s additional bad news, though. Economists are attributing the current condition of debt in the United States to inflation. Prices are soaring across the board; however, Americans’ incomes aren’t following suit.

Therefore, people’s spending power is going fewer and shorter distances than it used to. This is the perfect storm for individuals to rack up debt, along with subsequent interest.

To make matters even more troubling for so many Americans, interest rates are only climbing; this means loans will get more expensive and harder to come upon.

At least 33% of the country has already said their individual finances are in poorer shape than they were just 12 months prior.

No Word from the White House

Joe Biden ran on a promise to “Build Back Better” for Americans; yet, the only things Biden seems to be building are inflation rates, supply chain problems, everyday living costs, and debt.

Biden and his administration are going out of their way to avoid talking about inflation at all costs. They also haven’t released any sort of statement on the massive, economic tribulations that everyday Americans are saddled with.

Meanwhile, the numbers keep speaking for themselves. In one poll after the next, Americans are expressing disapproval with Biden’s management of inflation and the economy.

Polls additionally show that pluralities of Americans don’t believe the president is nearly as focused on these issues as he should be.

What do you think about the debt crisis which remains growing and unremitting in the United States? In the comments field, share your views on whether you believe debt will get better or worse throughout 2022.


Recent