Inflation is crippling American households, and new survey data shows just how bad. Despite the Biden administration’s consistent gaslighting on the matter, we wonder why a survey would even be conducted when our president is so always truthful. Stay tuned.
The Gallup survey conducted in April 2023 reveals a staggering reality: 61% of Americans are grappling with the adverse effects of inflation. This figure represents a significant increase from previous surveys conducted in August 2022, January 2022, and November 2021. It is clear that recent price increases have caused severe financial hardship for a majority of our fellow citizens.
What’s worse, because of the burden of inflation the elderly are being forced to come out of retirement.
The burden of inflation is disproportionately affecting lower-income Americans, mirroring a trend observed over the past two years. These individuals find it increasingly challenging to maintain a consistent standard of living amidst rising prices. While the Biden administration claims progress, it is evident that their policies are failing the very people they promised to protect.
Another Gallup survey sheds light on the most pressing financial problem facing American families: the high cost of living. A staggering 35% of respondents cited inflation as the primary concern, followed by costs associated with owning or renting a home (11%), excessive debt (9%), and low wages (7%). These figures are a stark reminder of the struggles faced by ordinary families across the nation.
Despite headlines proclaiming a decrease in inflation rates, the reality on the ground remains bleak. While headline inflation fell below 5% last month, crucial components of household budgets such as food and shelter continue to experience price increases well above this level. The cost of living crisis is far from over, and the Biden administration’s efforts to mitigate inflation have fallen short.
To address the escalating inflation, the Federal Reserve recently increased the target federal funds rate, hoping to curb price level increases. However, this policy has unintended consequences. The cost of borrowing funds for consumers and businesses rises, impacting overall economic activity. Although the Federal Reserve introduced a quarter-point rate hike earlier this month, it seems inadequate given the severity of the crisis.
The Gallup survey paints a distressing picture of the current state of the American economy. The majority of our fellow citizens are burdened by the hardships caused by soaring inflation. As the cost of living crisis intensifies, it is clear that President Biden’s policies are failing to deliver the relief promised. This administration is single handedly destroying Americans.
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