Amidst the chaos and disinformation being pumped out of the White House and echoed by corporate media cheerleaders, we all remember this headline:
We all know every politician lies. Some tell half-truths, while others, such as the Biden administration, attempt to convince folks it is daylight while it's midnight. An increasing number of Americans can see right through the propaganda, hence why Oliver Anthony's blue-collar anthem "Rich Men North Of Richmond" continues to rank number one on Billboard Hot 100.
Or that is why President Biden's approval ratings remain cratered.
This leaves us with a Bloomberg report citing fintech startup Propel, an app aimed at Supplemental Nutrition Assistance Program (SNAP) recipients, that reveals an increasing number of Americans are struggling to pay rent and put food on the table.
Among households using the Supplemental Nutrition Assistance Program's boosted pandemic benefits, 42% skipped meals in August and 55% ate less because they couldn't afford food, more than double last year's share, according to a Wednesday report from Propel Inc., a benefits software developer.
The data also highlight that households were worse off in August from just a month ago. Since July, an increasing share of low-income households had utilities shut off, couldn't afford the prior month's utility bill or couldn't afford rent. More than two-thirds of those surveyed who were receiving boosted SNAP payments said they had some form of debt.
Propel's alarming report is an eye-opener, considering we've pointed out that mid/low tier consumers have depleted savings and racked up insurmountable credit card debt to make ends meet in the era of 'Bidenomics' inflation. Factor in a cooling labor market (read: Job Openings Crater, Prior Data "Unexpectedly" Revised Sharply Lower). These folks have limited safety nets as social support expires. Just wait until student loan payments kick in in several weeks.