As Bidenflation continues to outpace wages, American families are facing the largest pay cut in 40 years, with 84 percent of Americans anxiously squeezing their dollars.
Bracing for higher prices, another recent poll conducted by CNBC examined where families are cutting out normal household expenses:
- More than 50 percent of Americans will dine out less.
- More than 40 percent of Americans will drive less.
- At least 40 percent of Americans plan on canceling a trip or vacation.
- And more than a third of Americans plan to either cancel a monthly subscription or switch to generic products.
READ: Accelerating Inflation Hits Americans: “I’m More Concerned With Feeding My Family”
KEY TAKEAWAYS:
- American families are feeling the pinch with higher prices: The March Consumer Price Index showed prices surging 8.5 percent from a year earlier – the highest increase in 40 years, which hits low-income Americans hardest.
- Small businesses are facing higher costs: More than 60 percent of Main Street businesses report having to raise prices to keep up with inflation.
- Democrats are in denial on inflation: The White House continues to make excuses for higher prices and President Biden’s latest budget proposal includes tax hikes that hit working families and Main Street job creators hardest.
- Risk of recession is growing: Economists are increasingly warning that the U.S. is at risk of a wage-price spiral and a recession.
ALERT: 62 Percent of American Families Can’t Keep Up With Bidenflation