A recent poll revealed that 39% of American adults are constantly worried about their family’s income being insufficient to meet their needs.
Additionally, 35% of Americans have had to take on extra work in order to survive, representing a significant increase from December 2021 when the figure was 28%.
These numbers are reminiscent of the Great Recession when the worry level hovered around 37%.
To cope with the rising cost of living, Americans have taken on additional part-time jobs, reduced their driving, and increasingly relied on credit cards.
The survey also highlighted that 52% of Latinos and 45% of Black Americans are consistently preoccupied with making ends meet.
Furthermore, 55% of individuals earning less than $50,000 annually express concerns about covering their expenses.
“The grocery store is just outrageous right now. But it’s not just that. Everything has gone up. Clothing. My insurance,” said Angela Russell, an Ohio resident currently working as a program analyst at the Centers for Disease Control and Prevention (CDC). “The pressure is real. Everything is so much more expensive than it was four years ago. It’s astronomical what you’re paying.”
Roughly 65 percent of Americans have expressed that their families are currently facing the greatest economic challenges due to expenses and the cost of living.
Research conducted by Moody’s Analytics reveals that the average household is now spending an additional $925 per month to purchase the same goods and services as three years ago.
As a result of the current economic situation in the United States, 69 percent of Americans have indicated that they are adjusting their spending on non-essential items and entertainment.
Moreover, approximately 68 percent of Americans have modified their grocery shopping habits.
Additionally, 41 percent have reduced their driving, and 37 percent are resorting to credit card debt to cover essential purchases.
Despite claims by President Joe Biden’s administration that inflation has considerably eased since its initial onset, data from the Bureau of Labor Statistics shows that consumer prices increased by three percent year-over-year in July.
This figure represents a significant rise, even though it is lower than the peak year-over-year inflation rate of nine percent in June 2022. Nevertheless, many Americans do not perceive an improvement in their financial circumstances.
Prices continue to be high and are still increasing, albeit at a slower pace. Consumers are still struggling to cope with the price surges from two years ago.
“We can talk all day about how inflation is moderating but the cumulative impact of several years’ worth of inflation has done a number on household budgets,” said Greg McBride, chief financial analyst at consumer financial services firm Bankrate. “The view from 35,000 feet is unemployment is low, the economy is growing and people are spending money.”
“The reality on the ground is moderating inflation doesn’t mean prices are coming down, just that they aren’t going up as fast,” McBride warned.
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2 Comments
if so many are concerned, why are they supporting KA MA LA and communist china tampon stolen valor Tim? seems like they would support my PRESIDENT, DONALD J TRUMP. the man who loves america, has been shot for her, and put through the trials from hell over NOTHING AT ALL. vote red. your LIFE DOES DEPEND ON IT. sl
People have been doing this since before I was born, where were you then? Now it is a big deal people have to get second jobs.