A Gallup poll released on Thursday showed that 45% of American households believe inflation is causing financial hardship. Ten percent of respondents reported “severe hardship” due to the increase in prices.
The hardest hit are those within the lowest income brackets.
71% of households earning less than $40,000 per year reported that the recent price rises had caused financial hardship for their families, compared to 47% in middle-income households, and 29% in higher-income households. An upper-income household is defined by Gallup as one that earns more than $100,000 annually.
Gallup reported that 28 percent of lower-income households described their hardship as “severe” and “affecting their ability to maintain their current standard.
It appears that inflation is a non-partisan problem with few differences in opinions across parties. A YouGov survey showed that 8% of Democrats feel they are in “severe distress” due to inflation, while 11% of Republicans and Independents said the same.
Biden’s plan to blame the rise in inflation for the pandemic seems to be working so far. It remains to be seen how long this continues, but if inflation continues its upward trend, Americans will soon turn their anger at Biden and the Democrats.
The same YouGov poll revealed that rising inflation was the most pressing issue facing America (17%) and surpassed COVID (15%) in the first time.
Only 18% believe that Biden does enough to reduce high prices.
Biden is looking to blame for high oil prices. The FTC is now investigating oil companies in order to find out why gasoline prices are so high. He only had to ask Jennifer Granholm, his energy secretary. He also requested the FTC investigate rising prices at big retailers such as Amazon and Walmart.
Biden will eventually declare that he has found Captain Queeg’s missing strawberries and win over the businessman’s plot to end his presidency. As inflation continues to bite deeper into our pockets, the rest will suffer a falling standard of living.