Thanks to Joe Biden, inflation is off the charts, and Americans are feeling it.
Americans this year are cutting back due to the Biden economy
Bloomberg writes:
The gift that no one wants but everyone is getting this year? Inflation.
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Higher prices are hitting shoppers hard as 2022 comes to a close. That’s taking the joy out of gift-giving for a majority of Americans, according to a new survey from the Harris Poll commissioned by Bloomberg News.
Inflation surged to a 40-year high this year, while wages struggled to keep up. Americans are cutting back on their holiday spending as a result. About 60% of respondents said they plan to buy fewer gifts and to purchase gifts for fewer people. A similar percentage are cutting back on holiday travel.
Meanwhile, more than one-third have decided to skip gift-giving altogether due to the costs.
TGP has reported on the horrible Biden economy for more than a year. Inflation is off the charts.
FOX News is reporting the same:
As Americans face record-high inflation and recession fears, many are cutting back on short- and long-term savings, according to a recent survey by Morgan Stanley at Work.
In addition, 24% of American workers are dialing back on the contributions to emergency savings, while 13% are cutting back on their contributions to college savings funds and 19% are reducing contributions to health savings accounts (HSA).
Americans are resorting to second jobs to get by this year. Any increase in jobs in government statistics is in lower-paying second jobs.