The Biden administration has long-touted the comeback in the job market, and the average wages increase across the board. Still, that data comes with a cost that, for many, makes any of those accomplishments moot, at best.
Middle-class Americans, who have spent the past year — and especially the past several months — battling skyrocketing food and gasoline costs, are indicating through surveys that they’re exhausted over the situation.
Georgia-based financial services company Primerica conducted a recent survey that delivered alarming results for not only the country as a whole but also for candidates hoping for a fair shot in the November midterms, as voters will likely be voting based on their current financial situation, which will probably still be far from acceptable.
The survey revealed that nearly three-quarters of Americans with incomes between $30,000 and $100,000 believe their finances are falling far behind the nation’s crippling inflation rate of 9.1%.
According to the survey, the outlook of where the country is headed is even worse.
An astonishing 77% of Americans believe that the United States is headed into a recession by the end of 2022. A majority of those respondents, at 61%, believe that things will be even worse a year from now.
Middle Income America Spending Cuts Due to Sinking Economy & Inflation@Primerica Survey
77% believe US will be in a recession by year end
71% cut back on restaurants & take-out meals
69% will not upgrade their tech
49% plan to budget &/or cut back on groceries@ChainStoreAge
— Ted C. Jones (@DrTCJ) July 18, 2022
Other alarming data points from the survey showed that just over a quarter of Americans are worried about how to pay for food. Grocery store prices, across the board, have had an equally devastating impact on family budgets in the same manner that high gas prices have, too.
Breitbart noted the survey’s results:
Seventy-one percent said they were cutting back on restaurant meals and takeout, up from 57 percent in March. Sixty-nine percent said they are planning on keeping existing technology instead of upgrading in order to save money, up from 44 percent in March. Forty-nine percent said they plan on cutting back on spending on groceries, up from 37 percent in March.
The Fed hike the interest rate in June by an unprecedented 75 basis points, and it’s expected to likely do so again in July, Reuters reports, in an effort to address the inflation issue in a triage-like manner.
However, that means the U.S consumer economy will likely take a huge hit, and it appears that’s already in progress, as the survey revealed that a growing number of Americans are already delaying large purchases.
Americans also expressed pessimism in their ability to save for the future.