The inflation story in one chart: gas +40% y/y, energy +24%.
An entirely self-inflicted wound caused by Trump’s War on Iran.
The Iran War bumped inflation over nominal wage growth for 2 months.
That means real wages actually shrank last month by 0.8%.
Inflation spiked to its highest level in 3 years last month: 4.2%.
Trump’s tariffs and the Iran War are undoubtedly hurting Americans’ pocketbooks
Americans struggling to pay their student loans are defaulting on other debt too.
In particular, 57% of student loan borrowers in default are also failing to pay their credit card debt.
My @morningjoe-msnow.bsky.social Chart.
Delinquencies are up across loan categories since 2024.
About 13% of credit card balances, and 10% of student loan balances are currently delinquent.
My @morningjoe-msnow.bsky.social Chart.
With rising inflation and interest rates, more Americans are defaulting on their mortgages.
For the poorest communities, the rate has increased nearly sixfold.
My @morningjoe-msnow.bsky.social Chart.
401(k) hardship withdrawals are rare, but they spike when Americans’ saving and income don’t cover their expenses.
Since 2020, Vanguard data shows they have more than tripled.
My @morningjoe-msnow.bsky.social Chart.
In 2025, only 21% of Americans experienced growth in their emergency savings.
That trend will likely get worse this year as inflation eats into disposable income.
My @morningjoe-msnow.bsky.social Chart.
The U.S. savings rate has fallen by more than half in 2 years.
That makes millions of Americans vulnerable to shocks like the Iran War.
My @morningjoe-msnow.bsky.social media Chart.
Americans’ balance sheets are in a difficult place—with mounting debt and declining savings.
I was on @morningjoe-msnow.bsky.social this morning to run through the numbers.
