A new poll finds that nearly 40% of Americans worry about paying the bills “most or all of the time”—which is even higher than during the 2008 financial crisis.
The poll—from CNN, of all places—found that 39% of Americans worry about paying the bills most or all of the time.
It’s up by one-third since the worst days of Bidenflation, and higher than the 37% during the 2008 crisis, when joblessness was running nearly 10%.
The reason, of course, is inflation.
Even CNN admits “consumers are still trying to catch up to the price spikes of the last few years.”
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.
How are we above 2008 levels of distress when unemployment is under 5%? Easy: The inflation itself is pushing people to take on part-time jobs, and government statistics count part-time jobs the same as full-time jobs.
So, if you get laid off and take on a couple gigs—bag groceries Monday and Tuesday, sweep driveways Wednesday and Thursday, drive for Uber on the weekends—you are a one-man job miracle.
Indeed, CNN’s poll found that 35% of Americans—more than 1 in 3—say they have to take on part-time work to make ends meet.
That rises to 44% of blacks, 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.
It also explains why Americans are spending like double-digit unemployment is already here. The poll found more than two-thirds of Americans are cutting back on groceries, and nearly half are cutting back on driving to save gas. And 4 in 10 Americans are now using credit cards to pay for their necessities, like groceries and gas.
As always, this is hitting the youngest hardest, with nearly 80% of millennials and Gen Z unable to afford everyday expenses.
So, what’s next? I mentioned last week that most Americans think a recession has already begun, even as official numbers on prices and jobs gaslight their way to November.
A lot is riding on the next election. If the media manage to haul Kamala Harris over the finish line, we get Bidenomics double-time, all the way down. If, on the other hand, Donald Trump pulls through, going by 2016, we could get out of recession a lot faster, with a lot less pain.
Peter St. Onge is a visiting fellow at The Heritage Foundation.
Reprinted with Permission from Daily Signal – By Peter St. Onge
The opinions expressed by columnists are their own and do not necessarily represent the views of AMAC or AMAC Action.
It could not possibly be a shock to anyone. What other outcome could there be? Youngest might be hit hardest but they sure are loudest in their support of the insanity of this administration. If Trump does not get in we,. will become another People democratic republic There will only be praises about the achievements and victories of working masses and the praises for Dear leader
Bidenomics and Kamalanomics are to blame, but Republicans are also to blame for failing to block spending legislation in Congress, particularly in the narrow majority House. They fear a government shutdown would hurt their political careers. In my opinion, a shutdown of this current government would be seen as an improvement.
What greatly saddens me is how the Democrat’s open border policy’s effect on voters doesn’t seem to be as consequential as I thought. If that treasonous act does not wake up Americans never to vote for a Democrat, nothing will.
Kameltoe is going to improve the economy by so much that it will only take one income to raise a family. Kameltoe says this in one of her gaslighting commercials Anyone who falls for that lives with their head in the sand. The middle class can’t get by today with the prices of today. The less income people are already going hungry and those elites don’t care about any of us. Seniors are going through their savings, if they have any, like it is water. Rent, health care, insurance, food and gas goes up every week. Not by a few pennies it is right away 50 ct to 2 dollars. 10 dollar buys you today what a dollar cost 4 years ago. As a single senior my groceries are 100 dollars a week. And if you have to buy paper products that is 50 dollars by itself. Even fresh food runs you close to 50 dollars a week. Bread milk and eggs are other items between 5-10 dollars a piece. Let’s not talk about meat. Kameltoe wants to get rid of beef altogether. Crickets and mealyworms are in our future, also at a cost that will be prohibitive for all us seniors and low income citizens. The only ones eating and robbing us blind are the invaders who ole Joe invited in and you and me have to support. But kameltoe and tampon Tim are our future according to Pelosi because putting Trump back in the White House will save America and she can’t have that. The democrats want to destroy it and have total power.
Then look at the fraud & waste from DC alone
See CAGW.org, NTU, etc
Billions going to corruption & U starve
Thanks the DC System & the Dems & GOP Old Estd.
Two percent annual pension increase looked good four years ago. Not anymore.
Anyone who votes for Harris is beyond stupid. Who the hell enjoys spending savings to eat? Those who vote for Hairlip must. Where has the sanity, the common sense gone? Seriously, America is in a spiral and it’s monsters like Hollywood stars and Soros who love watching us burn.
Of course we are already in a recession. If it wasn’t the case then the Democrats wouldn’t have pushed to literally redefine what the word recession literally means. And if Kamala wins they will almost immediately redefining the word Depression as well!
Yes, this article cites some examples that are certainly “reassuring”… especially in light of political actors like Biden and Harris using illegal “legislation” as a tool to buy their own votes with our taxpayer dollars…
I am most fortunate that both my wife and I have our Social Security income and my Navy retirement pay after serving 21-years active duty. We have more no bills other than household and utility expenses. We have more than enough to be comfortable.
If the left get voted in there will be a $1.00 per gallon increase in gasoline tax. It will be just another way to get people to buy an electric vehicle. Remember that with battery powered cars it will greatly increase the lack of travel so there will be more control. In addition, when we lie to the government it is a felon, but when they lie to us it is merely politics.
Not to diminish the effects of inflation, but the rule still stands, i.e. don’t borrow money to pay for food, shelter and clothing. If one cannot afford life’s necessities with one’s take home pay, one has to immediately address possible solutions. To use credit spending for such things will only make the situation worse.
Example: facing a huge credit debt while still struggling in trying to maintain the same house and food style is worse than changing those habits and not going into a debt that cannot be repaid. In plain words adjust your expenses if you cannot raise your income.
Oh, by the way, if you voted for the Democrats, you deserve to starve.
Seniors on Social Security are really suffering thanks to SOBiden and the Damnocraps.
Just read Kackling Kamilla is running on a platform of how great she can make the economy! Yet we really see the truth! The news is even promoting her insane ideas. I know I have to cut back on alot of the food I use to buy because I cannot afford it. The elderly are doing this all over so that they can pay rent, utilities, medicine. Hope people wake up and see that she is bad news!
I have to ask: what % of the 40% have stopped trying to keep up with the “Jones’s” and start living within their means. Pays many of the bills.
There is another thing to consider. They have been able to take away the concentration on one of the most criminal activities of Hunter Biden. His antics are just as important as the ouster of Biden.
And yet the people keep voting the criminals causing this back into office. SMH The fact that people are willing to vote for the first woman POTUS to be kacklin’ kammy harris, based on the color of her skin, is just shameful and a disgrace. No one can produce a single thing that this demoncrap idiot has done for the US Citizens as Vice President on in any other jobs she’s held. As “border czar” she’s been a total failure. As Vice President, she’s done nothing but cackle her way through speaking engagements and the interviews she’s done. She’s never said anything substantial other than to steal what Trump said about not taxing wages and then acting like she came up with something new…lol What a waste of space and skin she is.
People can’t pay their bills, can’t put food on their tables, can’t make their mortgage payments, can’t make their car payments, can’t pay their medical bills, can’t pay for their needed medications and yet they still want to support this demoncrap regime pushing socialism/communism, stating it will make everyone equal…LOL They are right about making everyone equal, except for them. The rest of us will be equal in poverty, illness, and early death. Sorry to all of you who can’t see beyond the end of your nose and realize what communism/socialism has done to other countries. It’s certainly not the glory of making everyone own everything and benefiting from it…you will learn what it’s truly like to be a slave with nothing.
Thank God for bidenomics, that number could have been 100%.