As families continue to deal with rising prices in President Biden’s cruel economy, American consumer confidence once again dropped from September to October.
This comes as at least 84 percent of Americans fear a recession will take place before the end of the year, prompting more than three in four families to make significant lifestyle changes, according to a new survey.
Consumer optimism is suffering as Biden’s economy continues to contract.
- From September to October, consumer confidence fell more than five points as inflation accelerated.
- A majority of Americans report feeling “uneasy about the state of the country,” say things in America are “going badly,” and feel that the economy is “bad,” as prices continue to rise and optimism plummets in an economy damaged by the Biden Administration.
American families are suffering in Biden’s cruel economy and bracing for recession.
- More than 75 percent of Americans are making changes to their lifestyle including delaying major purchases (34 percent), delaying paying down debt (29 percent), and cutting back on spending for the holidays (28 percent).
- Rising prices are top of mind: More than 70 percent of Americans believe “their financial momentum is threatened” by skyrocketing grocery bills (78 percent) and the rising cost of gas (76 percent). At least 74 percent of Americans are concerned about inflation.
Democrat-fueled inflation is disproportionately hurting lower- and middle-income Americans, despite President Biden dismissing inflation as a “high-class problem.”
- According to Gallup, 71 percent of low-income households experienced some level of hardship due to rising prices when less than a third of high income households experienced hardship.
- Penn-Wharton Budget Model estimated that higher prices outpaced an increase in earnings for many households earning less than $60,000.
- The Congressional Budget Office (CBO) and the Penn-Wharton Budget Model have also estimated that President Biden’s inflation tax costs the typical family $5,000 a year, and hits the middle class and those just starting their career or families the hardest.
- For working Americans, in just one year, Democrats wiped out three years of wage gains through inflation.
- More than half of American workers’ paychecks have fallen behind – the highest share of workers since 2011, the last time President Biden was in the White House.