Bidenomics Update: Americans Are Giving Less

Plus: The Comforting Cheesiness of Hallmark Christmas Movies

Bidenomics Update: Americans Are Giving Less

Following Black Friday, Small Business Saturday, and Cyber Monday, the Giving Tuesday emails start. Unfortunately, a new report says that Americans’ charitable donations are slowing down due to persistently high inflation. Over 70% of charities said they are expecting decreased or stagnant donations in 2023.

In 2022, total dollar donations declined by 3.4%, with a 10.5% decrease adjusted for inflation. Inflation, peaking at 9.1% in June 2022, remains above the Federal Reserve's 2% target despite the rosy picture the White House might paint. Although charitable giving tends to rise towards year-end, economic challenges have impacted discretionary spending.

More from The Daily Caller:

As economic forces dampen the discretionary spending ability of average Americans, wealthier individuals, those with a household net worth of more than $1 million or those who make more than $200,000 per year, are giving 19% more than before the COVID-19 pandemic, according to the AP. Due to the increase, wealthy individuals are making up a larger share of total donations as average American giving declines.

Americans are increasingly spending through their savings, holding only $687.7 billion cumulatively compared to over $1 trillion in May and nearly $6 trillion in April 2020, according to the Federal Reserve Bank of St. Louis. The declining savings have led to strong consumer spending that helped to maintain above-trend economic growth, with Gross Domestic Product reaching 4.9% year-over-year in the third quarter of 2023.

Americans have been increasingly relying on debt to pay for their everyday expenses, leading credit card debt to reach $1.08 trillion. The record amount of debt has resulted in a rising number of delinquencies, particularly on credit card payments and auto loans.

High inflation has also led to an increase in the volume of requests for food at many food banks across the country, exceeding levels reached during the COVID-19 pandemic at some.

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