Americans’ Economic Expectations for the Next Six Months: Gloom, Grim, and Glum
With rising costs forcing families to make steep cuts to their household budgets, Americans’ expectations for the next six months have plummeted to a near-decade low, according to a new study.
The study attributes Americans’ grim outlook to skyrocketing gas and food prices and rising recession risks.
While more than half of Americans believe the U.S. is already in a recession, there is growing consensus among top business executives and job creators that a recession is “unavoidable.”
BACKGROUND:
Americans are struggling as Biden-Flation accelerates.
- Under President Biden, workers’ wages have dropped nearly four percent, prompting a majority of Americans to take up bargain-hunting.
- At least 53 percent of Americans report spending anywhere between $101 to $500 more per month on groceries.
- For a majority of low-income households, rising prices have become a source of “major financial stress” as a new report confirms that inflation has wiped out 26 million low-income households’ savings since President Biden took office.
- For six months in a row, Main Street businesses have faced double-digit inflation and have lost jobs three out of the last four months.
- More than 60 percent of job creators fear inflation will drive them out of business.
READ: Democrats Vow to Make Biden-Flation Worse
READ: POLL: Even Dems Blame Biden for Soaring Inflation
While Democrats dismiss recession risks, job creators are “pricing in” a recession.
- Despite President Biden’s dismissal of recession fears, former Obama-Biden Director of the National Economic Council Larry Summers recently warned that a recession is “almost inevitable.”
- Federal Reserve Chairman Powell warned that a recession was “certainly a possibility.”
- President Biden’s economic policies have made a recession all the more likely, according to some experts, while others who were once favorable to the President’s agenda, now fear it could “worsen inflation.”
- In a survey of top job creators, not a single respondent believes a recession is avoidable.
- These findings were echoed in another study of CEOs, where more than 60 percent of respondents expect the U.S. to be in a recession in the next 12 to 18 months.
READ: Experts: Biden Policies ‘Tailor Made’ for Recession
READ: Fed Chair: No, ‘Putin’s Price Hike’ Isn’t Primary Driver Behind Biden-Flation
Democrats’ crippling tax hikes and runaway spending will make matters worse.
- From denying inflation and claiming it was “temporary,” to passing the buck with “Putin’s Price Hike,” the White House and congressional Democrats are out of touch with the challenges Americans face.
- Democrats continue to threaten at least $1 trillion in crippling tax hikes on working families and Main Street businesses that would cause prices to rise even further, despite their own preferred economic forecasters’ warnings that the Build Back Better plan will “worsen inflation.”
- Democrats have vowed to repeal the Tax Cuts and Jobs Act (TCJA) as a way to fight inflation, despite the fact that tax reform reduced federal tax rates for households across every income level.
- President Biden’s tax plan would slash family wages across all income levels, while more than 60 percent of Americans’ paychecks are unable to keep up with rising prices.
- Inflation has increased since the day President Biden took office in January 2021, and began its rise to the fastest rate in 40-years directly after Democrats rammed through their partisan $2 trillion so-called COVID stimulus.