American households struggle as inflation continues - new survey

[beijingwalker]

American households struggle as inflation continues - new survey​

Sep 21, 2022​

• Millions of Americans are facing financial hardship due to rising consumer prices, as the level of inflation remains at its highest level in more than 40 years.
• Inflation tends to impact lower-income groups disproportionately.
• But as the chart below shows, inflation pressure has even caught up with high-income households.

As inflation remains at the highest level in more than 40 years, millions of Americans are facing financial hardship due to rising consumer prices. According to a survey conducted by Gallup in August, the majority of U.S. adults now say that price increases are causing financial hardship for their household, with 12 percent describing their hardship as severe, meaning it might affect their ability to maintain their current standard of living. Another 44 percent of households face moderate hardship, meaning that price increases affect them but don’t threaten their standard of living.

Unsurprisingly, inflation woes affect lower income groups disproportionately. While it’s relatively easy to shrug off price increases when it only reduces the amount of money left at the end of the month, it is much harder for people who struggled to make ends meet even before prices started surging.

As the following chart shows, inflation pressure has even caught up with high-income households, though, as 40 percent of those with household income above $90,000 now say they're facing financial hardship in face of inflation, up from just 29 percent in November 2021. The share remains much higher for low-income households, however, where 74 percent now was severe or moderate hardship due to rising prices.

40% of Americans with household income above $90,000 now say they're facing financial hardship due to inflation. Image: Statista

American households struggle as inflation continues - new survey

Millions of Americans are facing financial hardship due to rising consumer prices, as the level of inflation remains at its highest level in more than 40 years.

www.weforum.org

 

[Beast]

American need to remove Biden quick and stop the anti China policy which are hurting ordinary american pockets.

 

[beijingwalker]

Dollar based GDP metric is becoming meaningless, US economy is crashing on the ground, but surging on paper.

 

[Menthol]

The whole world is getting poorer.

Thanks to the USA for being selfish!

USA media report on the world's hardship but forget to mention who is the cause.

But if it's caused by another country, it's the first to blame.

I think Biden should be arrested for economic crime.

 

[casual]

American need to remove Biden quick and stop the anti China policy which are hurting ordinary american pockets.

na, biden will only increase the anti china policy to score political points.
US politics are now just China bashing events. They don't give a sh1t about their own citizens.

 

[Communism]

The inflation is entirely due to low income Americans becoming massively richer.


People are getting the causality wrong.


The way to lower inflation is to raise rates so that the fake part of the economy gets crushed and then have the capital and labor from those fake pursuits be redirected in a productive direction.


A real estate + stock market + fake company crash would be a huge boon to the real economy.