44% of Americans Have a Second Job, 13% Rise Under Biden’s Admin, Report Reveals
A LendingClub report released on Tuesday found that 44% of Americans have a second job, a 13% increase since the Trump administration.
A FlexJobs survey found that 69 percent of employed professionals either have a side job or want one, underscoring the recent growth under President Joe Biden.
The willingness to work longer hours at a second job coincides with the fact that, according to Bloomberg, American households will have to pay an additional $5,200 in 2022 due to 40-year high inflation, or $433 per month on average.
Biden proposes raising taxes on the so-called gig economy, even as many Americans are compelled to increase their income by working more hours at a second job.
The IRS informed employees that they must submit a document called the 1099-K to the IRS in order to disclose any income exceeding $600, as Breitbart News reported in November. The American Rescue Plan Act of 2021 by Biden was the cause of the warning.
The goal of the rule is to make American employees “pay your fair share,” a principle that Biden has previously advocated for the affluent but not for normal Americans.
According to the LendingClub research, 62 percent of Americans, including 48 percent of consumers with high incomes, lived paycheck to paycheck in February, an increase of two percentage points from January.
Michael Foster from Breitbart News reported:
The report noted 39 percent of those who lived paycheck to paycheck “with issues paying their bills” mentioned “extraordinary expenses” as their reason for seeking side work.
Some 55% percent of respondents reported their supplemental income grew as a share of their total income over the last 90 days.
Between February 7 and February 23, 4,125 Americans were surveyed for the report, which also took other sources' economic data into account.