If you want a sign of just how poorly Joe Biden's Economy is going, look no further than the fact that we're racking up the Mastercard debt to heretofore-unforeseen levels:

Americans increasingly turned to their credit cards to make ends meet heading into the summer, sending aggregate balances over $1 trillion for the first time ever, the New York Federal Reserve reported Tuesday.

Total credit card indebtedness increased by $45 billion in the April-through-June period, an increase of more than 4%. That took the total amount owed to $1.03 trillion, the highest gross value in Fed data going back to 2003.

Well, you know those levels of personal debt are causing everyone at every level of the Fed to just lick their chops.

The rest of us, not so much. Delinquency is also on the rise, up to 7.2% in the second quarter compared to 6.5% in the first. We're not just piling on the debt, we're having more trouble paying it back.

It might have something to do with all that disastrous inflation that the Biden administration has so placidly overseen. Which, in turn, could have something to do with the insane, economy-destroying lockdowns and the trillions of dollars in government handouts Washington sent out as a result.

Maybe it's all connected! Think about it.

Total household debt, meanwhile, stands at $17.06 trillion, which, as CNBC noted, is also "a fresh record."

Good to know.