One reason Americans are in such a foul mood – with 70% or so consistently saying their finances are in bad shape – is that for roughly 8 of 10 families, their savings have dropped since 2020. The lower the income, the more savings have been depleted. This explains higher credit card balances and delinquencies. Unlike the federal government, households can’t go on borrowing forever.

Andy Puzder explains the bad news below: