More inflationary woes: Credit card debt hits record $1.14 trillion

More Americans are struggling financially as savings are significantly down and debt and delinquencies are up compared to four years ago.

Savings and disposable income are significantly down when comparing federal data under the Trump and Biden-Harris administrations.

As of June 2024, the personal savings rate was 3.4% and real disposable personal income per capita was 0.51%, according to U.S. Bureau of Economic Analysis data.

In January 2021, the national personal savings rate was nearly 20% and real disposable personal income per capita was 14%.

Under the Trump administration, significant gains were made from the Obama administration economy he inherited. In January 2016, the national personal savings rate was 6.1% and real disposable personal income per capita was 1.5%.