WASHINGTON, DC, Aug 31 — It’s official: an increasing number of Americans say they are “suffering” due to the increasing cost of living. According to a new Gallup survey, the out of control inflationary cycle that got its start when President Biden took office seems to be poised for new record highs and it’s taking its toll.
“The percentage of Americans who evaluate their lives poorly enough to be considered ‘suffering’ on Gallup’s Life Evaluation Index was 5.6% in July, the highest since the index’s inception in 2008. This exceeds the previous high of 4.8% measured in April and is statistically higher than all prior estimates in the COVID-19 era…Despite the addition of 528,000 new jobs in July, persistently high inflation is creating a drag…The practical consequences are substantial, with an estimated 98 million Americans cutting spending on healthcare or routine household expenses as a result of rising healthcare costs.”
How many more citizens will be suffering if President Biden gets away with his scheme to transfer hundreds of billions from working class Americans to “privileged college graduates.” That’s how Congresswoman Virginia Foxx [R-NC] described Biden’s plan to forgive massive federal student loan debt owed by some 20 million student borrowers. Former college president, Senator Ben Sasse [R-NE] added, “The President can spin it however he wants, but at the end of the day his debt forgiveness scheme forces blue-collar workers to subsidize white-collar graduate students.]. And House Minority Leader Kevin McCarthy [R-CA] points out it is hard-working citizens who are stuck with the tab.
The rate of inflation hovered around 1.2% in President Trump’s last year in office. Since Mr. Biden took over it has soared to 9.1% in June and remains at eight percent-plus levels. Democrats and progressives recently passed the so-called Inflation Reduction Act of 2022 but the experts say it won’t reduce inflation. But, as Richard Stern, senior policy analyst at the Heritage Foundation’s Grover M. Hermann Center for the Federal Budget, says “The bill will likely increase near-term inflation, depress household incomes, and produce the long-term deficits that fuel long-term inflation.”
When Joe Biden took office in January 2021 his ability to handle the economy was questionable, at best. Since then he has made a sharp ideological turn to the left, which has resulted in persistently high rates of inflation that remains at its highest levels in four decades. There are some economists who say we are already in a recession while others say it is only a matter of time. It has created an aura of “pessimism’ among the great majority of Americans, according to a new poll conducted by NBC News. It ‘found that 74% of voters believe the nation is on the wrong track and 21% believe the U.S. is heading in the right direction.” Fifty-eight percent fear that it ain’t gonna get any better, “that America’s best years may already be behind us.”
Also, a total of 58% said they feel “more worried” and that “America’s best years may already be behind us.”
Primerica, Inc. backs up the NBC report in a survey of its own that shows 77% of Americans are bracing for life in a recession this year and 61% who believe it’s only going to get worse in 2023.
Primerica found that:
- Inflation drives top concerns. Concern about the economy continues to be a major stressor, with about 41% rating inflation as their top concern. Being able to pay for food and groceries also ranks high (26%, up four percentage points since March) as does their current financial situation (25%, up eight percentage points since March).
- Most [of us] plan to cut back on spending. Nearly three-quarters (71%) report cutting back on restaurant/takeout meals, up from 57% in March. Nearly the same amount (69%) say they plan to keep their current technology instead of upgrading, up from 44% in March. And about half (49%) are planning to budget or cut back on groceries, up from 37% in March.
- [And we are] Reassessing major purchases. Overall, more than one-third (38%) have already delayed a major purchase due to rising interest rates, including the biggest hike by the Fed in nearly 30 years. Still, nearly the same amount (39%) say they plan to take a vacation in the next 12 months.