As gas and grocery prices continue to soar from white-hot inflation, President Joe Biden’s economy is stimulating one unexpected industry. Pawn shops are raking in items as beleaguered Americans struggle to pay for basic necessities.
Give credit where credit is due, when Biden recently said his administration is “changing people’s lives,” he could not have been more right.
Everything from computers and firearms to tools and video game systems are parading into the doors of pawn shops. There are even wedding rings and family heirlooms being pawned to fill gas tanks.
A pawnshop manager in Lubbock, Texas, said she sees a steady stream of people pawning personal items. One customer was on “E” and pawned their belongings to get to work that day.
Another Texas shopkeeper tells of a traveling nurse who pawned his carry pistol to afford the gas necessary to do his job.
The owner of a pawn store in Decatur, Illinois, reported new monthly customers increased from an average of 50 to 70 up to 200 in May. He said that as people are getting further and further behind, his business is taking in more unique items for customers to make ends meet.
Bidenflation is truly a gift that keeps on giving.
People from all walks of life now resort to pawning their possessions to keep gas in the tank and food on the table. Construction workers bring their tools into pawn shops for cash when work dies off and return to get them out when a new job appears.
And it’s not just gas. The owner of a Bay City, Michigan shop had four customers in one day last week pawn items to pay for their electricity to be turned back on.
Credit cards are less of an option as more Americans max out. The Federal Reserve says total consumer credit spiked $52 billion in March alone, and April’s tab came in 14% higher than just a year ago. The average American now carries over $5,500 in credit card debt.
Biden’s inflation is a tax that is ripping chunks out of working people’s wallets. Reckless spending and shortsighted energy policies have come home to roost, and their cost is being paid by everyone. There is a reckoning coming in November.