Continual inflation has hurt Americans, with roughly two-thirds of them reporting their wages cannot keep up, according to the most recent CNBC All-America Economic Survey.
Only 5% of Americans say their household income is outpacing inflation, with 67% stating it is falling behind and 26% saying it is keeping up, according to CNBC. The vast majority of the public is adjusting their spending habits and lifestyles due to inflation, with 81% saying they are taking measures like reducing entertainment spending and travel or dipping into savings to cover expenses.
Inflation disproportionately impacted working-class Americans, with 51% saying they are working more in order to get by, according to CNBC. Three-quarters of them report they are reducing entertainment and eating out less.
54% of Americans across the board said that the increase in food costs damaged them the most, according to CNBC.
In addition to inflation, hiked interest rates and concerns about a recession have led Americans to reach a new level of pessimism about the economy, according to CNBC. Nearly 69% of them have a negative outlook both currently and for the future, which is the highest percentage in the 17-year history of the survey.
Two-thirds of the public state the country is moving toward a recession or is currently in one, according to CNBC.
The economic pessimism is hurting President Joe Biden’s approval rating, with his overall rating dropping to 39% and his disapproval rating rising to 55% when compared to CNBC’s last survey in November. The public disapproves of Biden’s economic management by a 62% to 24% margin as opposed to 57% to 38% in the previous survey.
The first quarter of 2023 was the fifth consecutive quarter where small business owners perceived inflation as their biggest challenge, according to the U.S. Chamber of Commerce and MetLife’s Small Business Index.
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