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.
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.
Inflation caused 62% of workers to reduce their contributions to savings, according to the Financial Benefits survey. Nearly one-third (31%) said they decreased contributions to their 401(k)s, while 26% said they have cut back on paying down debt.
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.
BIDEN ECONOMY: With Inflation at 40-Year Highs, 4.5 Million Americans Turn to Second Job
We’re in a recession and Americans know it.
