Biden’s Economy — MORE Americans Are Facing Financial Hardships Than Ever

Poll Shows 71% of Americans Are Poorer Due To Inflation

Poll Shows 71% of Americans Are Poorer Due to Inflation

( – Since the beginning of 2022, annualized inflation rates reported by the Bureau of Labor Statistics have been at 7.5% or above, with the latest consumer price index (CPI) report showing that percentage at a startling 8.3%. Although that number is 0.2% lower than July and 0.8% less than June, the rate is still causing pain in the economy.

On September 27, CNN released a poll conducted by Bank of America, which showed a whopping 71% of American employees feel they are “poorer” now, whereas 58% felt that way just seven months ago.

The bank polled workers who participated in employer retirement plans. Half of them said they were feeling a “financial strain,” and 21% of those who had to take action dipped into their emergency funds to make ends meet. That same percentage had to put in more hours on the job, and slightly less said they were looking for employment with higher pay.

High inflation drives up the prices of consumables and other necessities, reducing the buying power of every dollar in citizens’ pockets. Although all of the participants in the survey had jobs, the majority (62%) said they felt “stressed about their finances.”

A separate poll run by McLaughlin & Associates between September 17 and September 22 showed that 61% of those asked believe the US is currently in a recession, and 63% believe economic conditions are worsening.

How do you think President Joe Biden is handling the economy so far?

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