Nearly 40% of Americans are worried about being able to pay all of their bills on time, a higher percentage than during the Great Recession of 2008-09, according to a new survey.
A CNN poll revealed that 39% of Americans are concerned about consistently paying their bills, a 33% increase from the peak of Biden-flation and exceeding the 37% during the 2008 crisis, when unemployment was nearly 10%, the outlet reported, citing the polling results.
nflation during the Biden-Harris administration has reached new heights in the modern era, and while it has eased somewhat in recent months, it remains stubbornly high, raising the costs of food, gasoline, housing, and other basic amenities like utilities. CNN added that “consumers are still trying to catch up to the price spikes of the last few years.”
The Daily Signal, citing the survey, added:
Still trying to catch up is an understatement. The gap between nominal wages and inflation-adjusted wages since 2021 is more than 20%. So, it looks like you’re making a lot more, but even accounting for official inflation, workers have lost thousands in income.
Of course, if official inflation is a lie, which seems likely, going by real-world prices from housing to restaurants and groceries, then workers have lost a lot more.
To illustrate, official inflation since COVID-19 is 21%, but fast-food menu prices—a standard finance proxy for true inflation—are up more than twice that, while housing costs have doubled since COVID-19, between rising house prices and rising mortgage rates.
If those real-world numbers are closer to true inflation, then workers have lost potentially thousands per month.
CNN reported that 35 percent of respondents, or over one-third, have had to take on additional part-time work to make ends meet. This includes 44% of Black individuals, 52% of Latinos, and nearly half of workers under age 45.
“That explains why jobs are rising on paper, yet the actual number of employed Americans is plunging—down 600,000 in the past eight months alone,” the Daily Signal added.
The poll also revealed that over two-thirds of Americans are reducing their grocery spending, and almost half are driving less to save on gas. Furthermore, 4 in 10 Americans are resorting to credit cards to cover essential expenses such as groceries and gas.
