Major Development: A New Poll By Fox News Reveals That Many Americans Are Getting Hit Hard By The Soaring Inflation
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1,006 randomly-selected voters nationwide took part in the Fox News Poll showing that Americans are concerned about rising prices.
Beacon Research (D) and Shaw & Company Research (R) jointly directed the poll. The voters participated in live interviews on both cell phones and landlines.
The results are telling. According to Fox News:
“Some 57% say they have less money in their pockets than they did a year ago. That’s up 7 points from 50% who felt that way last February. Those feeling hardest hit include Republican women (78% less money now), rural Whites (69%), Gen Xers (63%), and voters with annual income below $50,000 (62%).
“Fully 78% say the economy is in only fair or poor condition, mostly unchanged for the last year.
“Biden’s worst job ratings continue to be on inflation, with 31% approving. And that’s a high point — approval went as low as 23% in June 2022. His ratings are also well underwater on the economy (36% approve, 62% disapprove), immigration (36-61%), guns (36-60%), and the opioid epidemic (36-56%).
“Currently, 44% approve and 55% disapprove of Biden’s overall job performance. That’s mostly unchanged over the last five months. About twice as many continue to strongly disapprove as strongly approve.”
Out of nine issues facing Americans, the economy came out on top, with the immigration crisis coming in second.
Jason Furman, former President Barack Obama’s chairman of the Council of Economic Advisers, warned Americans that the economy is “overheated.”
He said “We have made little if any progress on inflation. There is little if any reason to expect a large slowdown going forward.”
“The economy looked like it was turning last summer/fall but that never materialized,” he said.
The Obama administration economist discussed some indicators pointing to a “possible fall in inflation, including the impact of monetary policy.”
“So yes, more likely than not that inflation falls from its 4.7% pace. Maybe even into the 3’s,” he continued.
“But there are still forces going in the direction of high inflation. In recent months goods prices have fallen, that likely won’t continue. And the extremely tight labor market has lagged effects on inflation,” he said.
“6% inflation is much more likely than 2% inflation.”
President Biden took this as good news though it doesn’t look so good for everyday Americans. Prices at the grocery store and restaurants, and the cost of services continue to be a problem.
The Federal Reserve Bank of New York shared in a report that U.S. consumer credit card debt is close to $1 trillion!
In the last quarter of 2022, credit card balances “increased more than $60 billion.”
Since April 2021, inflation has exceeded real wage growth, leading Americans to turn to credit cards to deal with it.
“A lot of people may not have enough income coming in to support day-to-day expenses, so it lands on the credit card,” Ted Rossman, a senior analyst at Bankrate.com who focuses on the credit card industry, told ABC News. “That becomes a very persistent cycle of debt, unfortunately.”
The New York Fed found that total overall household debt in America jumped 2.4% in the final quarter of last year making it close to $17 million.
Americans have good reason to list the economy and inflation as top concerns.