OPINION: This article may contain commentary which reflects the author's opinion.
Nearly 40% of Americans are worried about being able to pay all of their bills on time, a higher percentage than during the Great Recession of 2008-09, according to a new survey.
A CNN poll revealed that 39% of Americans are concerned about consistently paying their bills, a 33% increase from the peak of Biden-flation and exceeding the 37% during the 2008 crisis, when unemployment was nearly 10%, the outlet reported, citing the polling results.
Inflation during the Biden-Harris administration has reached new heights in the modern era, and while it has eased somewhat in recent months, it remains stubbornly high, raising the costs of food, gasoline, housing, and other basic amenities like utilities. CNN added that “consumers are still trying to catch up to the price spikes of the last few years.”
The Daily Signal, citing the survey, added:
Still trying to catch up is an understatement. The gap between nominal wages and inflation-adjusted wages since 2021 is more than 20%. So, it looks like you’re making a lot more, but even accounting for official inflation, workers have lost thousands in income.
Of course, if official inflation is a lie, which seems likely, going by real-world prices from housing to restaurants and groceries, then workers have lost a lot more.
To illustrate, official inflation since COVID-19 is 21%, but fast-food menu prices—a standard finance proxy for true inflation—are up more than twice that, while housing costs have doubled since COVID-19, between rising house prices and rising mortgage rates.
If those real-world numbers are closer to true inflation, then workers have lost potentially thousands per month.
CNN reported that 35 percent of respondents, or over one-third, have had to take on additional part-time work to make ends meet. This includes 44% of Black individuals, 52% of Latinos, and nearly half of workers under age 45.
“That explains why jobs are rising on paper, yet the actual number of employed Americans is plunging—down 600,000 in the past eight months alone,” the Daily Signal added.
The poll also revealed that over two-thirds of Americans are reducing their grocery spending, and almost half are driving less to save on gas. Furthermore, 4 in 10 Americans are resorting to credit cards to cover essential expenses such as groceries and gas.
Labor Department data released earlier this month showed that employers added only 114,000 jobs in July, falling short of the 175,000 gain predicted by LSEG economists. Furthermore, the unemployment rate unexpectedly rose to 4.3% from 4.1%, contrary to expectations that it would remain stable.
“It marked the highest level for the jobless rate since October 2021,” Fox Business reported.
The economy has become one of the top issues for a vast majority of Americans this election cycle. Vice President Kamala Harris, now the Democratic Party nominee, has touted “Bidenomics” in the past, though the Biden-Harris administration has overseen some of the highest inflation in decades.
“Temperatures might be hot around the country, but there’s no summer heatwave for the job market,” said ManpowerGroup North America president Becky Frankiewicz. “With across-the-board cooling, we have lost most of the gains we saw from the first quarter of the year.”
In a May poll conducted by Financial Times-Michigan Ross, former President Donald Trump was found to be 8 points ahead of President Joe Biden in terms of trust on the economy, with 43% trusting Trump and 35% trusting Biden. Surveys since then also reveal that more Americans trust him to be a better steward of the economy than Harris.
“In another worrying sign for the White House, the monthly FT-Michigan Ross survey has consistently found voters trust Trump more than Biden when it comes to handling the economy,” according to the poll analysis, noting that Trump has gained 2 points since the previous survey.
Only 28% of voters say Biden has helped the economy, with a 58% disapproval rating compared to just 40% who approve of his economic policies.
