As rising prices persist into the holiday season, more and more Americans will be negatively impacted by the Biden-Harris administration’s runaway inflation.
December 2, 2021
Nearly Half of American Families Reported ‘Financial Hardship’ Due to Rising Inflation
Forty-five percent of American households said they’ve experienced “financial hardship” due to recent price increases, according to new polling from Gallup. Ten percent of the total people polled described the hardship as “severe,” saying it’s affected their ability to maintain their current standard of living.
Gallup: “As Americans sail into peak holiday shopping season and winter temperatures bring bigger heating bills to much of the country, nearly half of U.S. adults already report that price increases are causing them financial hardship. For most, the problem is not a crisis — but lower-income households are feeling the impact more than others, with nearly three in 10 saying the hardship is severe enough that it is affecting their current standard of living.”
Most concerningly, seventy one percent of those polled making under $40,000 a year say that they have experienced financial hardship as a result of rising inflation.
Joe Biden said for months that inflation would be “transitory,” but as the cost of everyday goods and services continues to surge, members of Biden’s own administration are now warning that inflation will be around much longer than initially anticipated.
Reuters: “U.S. Treasury Secretary Janet Yellen told the Reuters Next conference Thursday that she is ready to retire the word ‘transitory’ to describe the current state of inflation plaguing the U.S. recovery from the COVID-19 pandemic.
“‘I’m ready to retire the word transitory. I can agree that that hasn’t been an apt description of what we’re dealing with,’ Yellen said.”
New York Post: “In his opening remarks, Powell admitted that ‘it now appears that factors pushing inflation upward will linger well into next year.’ He also noted that the Omicron variant of COVID-19 posed ‘downside risks to employment and economic activity and increased uncertainty for inflation.’”
Bottom line: As rising prices persist into the holiday season, more and more Americans will be negatively impacted by the Biden-Harris administration’s runaway inflation.