The long-lasting impacts of economic inflation are not a joke.
Last month, the Federal Reserve opted to raise interest rates as a means of counteracting notable increases in prices. Likewise, the Federal Reserve explicitly warned that future interest rate hikes would be coming if required to lower inflation even more.
Then, on top of that, gas prices are getting to be so expensive that Americans are having to make some tough choices. Some folks are limiting how much they go out, for starters.
Others are cutting back on how many groceries they buy or otherwise making challenging sacrifices.
Now, a new poll reveals that nearly half of Americans today say they’re worse off financially than they were 12 months ago, according to Breitbart News.
Hard Times for Many Americans
According to Harvard/Harris, 49% of the American people affirmed their financial situations have been getting worse. Meanwhile, 35% of Americans stated their biggest concern in the country today is inflation.
When it comes to inflation, Harvard/Harris also revealed that many people aren’t expecting it to die down anytime soon.
46% expected inflation to remain at the high level which it stands today. Then, 35% told the pollster they predict inflation will reach even higher heights than now.
Axios' Hans Nichols on Biden blaming Putin for high prices:
"Look, when I drive past gas stations that say 'Blame Putin' more than they say 'Let's Go Brandon,' I'll know the White House has been successful in messaging…that hasn't happened." pic.twitter.com/LdyJTD6HkY
— RNC Research (@RNCResearch) April 3, 2022
These survey findings are sadly not a shock, given the current state of the US economy. In America today, the prices of gas are more expensive than they’ve been in over a decade.
Americans feel largely trapped and unsure of how to get out of the current mess the country is in. With inflation being in the lives of Americans for just about one year now, there have still been no solutions offered by the Biden administration.
The Best Way Out
By and large, what’s having the worst economic impact on Americans’ finances is inflation. Even gas prices today are partially impacted by the inflation crisis the Biden administration created.
Biden’s been able to pass various spending bills that later caused inflation because of the House and Senate being controlled by Democrats.
So what you're saying is it's *not* actually Putin's price hike and it's just straight up Biden's fault pic.twitter.com/hgzKB3Sb1S
— Jake Schneider (@jacobkschneider) April 3, 2022
However, with the midterm elections coming up later this year, Americans can remedy inflation by voting Republicans into both chambers and handing them back the majorities.
With GOP members controlling the House and the Senate, Biden won’t be allowed to pass more spending bills that ultimately end up putting the squeeze on everyday Americans.
This is going to be one of the most effective ways out of this inflation crisis. Already, Biden is trying to get even more spending bills into law, thus demonstrating he’s learned nothing from the 16 months he’s held the White House.
What do you think about the fact that virtually half of Americans are worse off financially today than they were one year prior? Let us know in the area for comments.