More from the article ...

... More than a quarter of working-age adults who relied on credit cards to buy groceries were either unable to pay their balance in full or missed their minimum payment, according to the Urban Institute, a nonpartisan think tank. About one in 10 adults relied on so-called "buy now, pay later" loans to cover their groceries -- of those, about a third missed a payment last year, the analysis found.

About 20% of working-age adults said they had tapped long-term savings that weren't intended for everyday expenses, such as an emergency fund, at least once in the last 12 months to pay for groceries, the researchers said.

"Families still need to eat. They will still need to pay for their basic needs," Kassandra Martinchek, a co-author of the study and public policy expert at the Urban Institute, told CBS News. "Now they have the additional burden of also needing to repay debt -- it could constrain their ability to meet their basic needs in the future and get back on their financial feet."

Over the past five years, grocery prices have jumped 32%, making food affordability a top concern for many Americans, the Urban Institute said. The group's findings are based on a December survey of 7,500 adults ages 18-64.

The findings underscore the growing affordability pinch that many households are experiencing after five years of elevated inflation. In 2026, price increases have reaccelerated due to the Iran war, which has driven up energy costs and pushed consumer prices to their highest level in more than three years.

In a May CBS News poll, more than three-quarters of Americans said their incomes aren't keeping up with inflation. ...

And, how does the Trump admin view this?

Well, here's a start ...

Trump's top economic advisor brags that credit card spending is 'through the roof' -- as serious delinquencies climb and farm bankruptcies jump 46% (May 2026)

... Depending on how you look at it, Americans' record-high spending could be considered good or bad. For White House National Economic Council Director Kevin Hassett, it's cause to celebrate.

"The consumer is really, really firing on all cylinders, just like the corporate sector," he told Fox Business News host Maria Bartiromo on "Mornings with Maria." (1)

"Credit card spending is through the roof, [they're] spending more on gasoline ... but they're spending more on everything else, too."

The blowback from Hassett's interview came quickly, from political commentators to social media users.

One X user wrote (3), "Americans are spending more on gas because gas costs $4.54 a gallon. They're putting the rest on credit cards because their savings are gone. Kevin Hassett just accidentally described a debt crisis as a boom."

Jon Favreau from Pod Save America noted that this messaging was so bad, Hassett may as well be a Democratic plant (2).

So is credit card spending really a sign of American prosperity and an improving jobs outlook, as Hassett claims, or is he off the mark? Here's a closer look at the numbers. ...

@#6 ... "The consumer is really, really firing on all cylinders, just like the corporate sector," he told Fox Business News host Maria Bartiromo on "Mornings with Maria." (1)

"Credit card spending is through the roof, [they're] spending more on gasoline ... but they're spending more on everything else, too." ...

Of course, then there is the monthly credit card bill that consumers have to face after that "through the roof" spending spree that Dir Hassett so eagerly seems to justify and encourage.

And, what might the interest rate be on that monthly credit card debt?

And who benefits from a 20% interest rate on consumers?

@#4 ... Repubs proving yet again that they're absolute s*&^ at running an economy. ...

Well, yeah.

Your comment is a good observation.

If I may be allowed to rephrase your comment in my view ...

Repubs proving yet again that they're absolutely focused upon transferring the wealth of our Country upwards to the wealthy, to the detriment of the working class.

Was that an appropriate restatement?