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.
- 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.