THIS IS WHY BIDEN IS LOSING

So much of the liberal response to President Biden's low approval ratings takes the form of What's wrong with these people who don't understand how objectively marvelous the Biden economy is? We're told that inflation caused a spot of bother early in Biden's term, but that's all over now:

American workers are finally starting to catch up to inflation. Throughout 2022 and early 2023, wages were rising at a faster pace than they did before the pandemic — in the range of 4% to 6% year over year. But prices rose a lot faster than that — in the 6% to 9% range.

Then, this spring, those trend lines inverted.

In May, average hourly earnings (reported in the Bureau of Labor Statistics’ monthly jobs report) rose 4.3% on an annual basis — surpassing the 4.1% increase in the consumer price index. And the improvement in real wages — wages after accounting for inflation — has continued.

That is good news, especially for low-income workers....

So what are all these Biden disapprovers whining about?

Well, here's what's going on right now. It's something you might not recognize if you're economically comfortable (especially if you're a Boomer):

Heading into the fall, higher earners have been prioritizing paying down debts, reducing exposure to rising interest costs on items like outstanding credit card balances.

Lower-income adults are falling increasingly behind, frequently spending beyond their means and reporting rising monthly debt obligations relative to incomes.

(Emphasis added.)

Many Americans on the lower economic rungs have run up consumer debt as a way of coping with inflation. In all the Panglossian pieces you've read about the marvels of Bidenomics, have you ever seen the numbers for credit card rates these days? They're fucking awful. I found this in that highly respected economic journal AARP Bulletin:

Interest Rates on Store Credit Cards Hit New High

The average interest rate for credit cards issued by retail stores hit 28.93 percent in October, the highest level ever recorded, according to Bankrate’s retail credit card survey....

The average interest rate on credit cards issued by banks and other financial institutions was more than 21 percent in October.

Under those conditions, how is anyone who ran up debt on a modest income in the past couple of years supposed to get back to a pre-pandemic financial state?

You can be judgy about the choices these people have made, but remember that you're doing it in a country where the world's richest man set $44 billion on fire just so he could create a massive shitpost factory and feel like the coolest incel on the message board.

People are hurting. Lower inflation and higher wages are good, but unless the president can find a way to help those who are paying usurious interest rates, he'll continue struggling in the polls.