Data from a WalletHub survey released Thursday revealed the intense shockwaves felt across America when the Federal Reserve hikes rates, as well as the practical implications of their actions.
Do you have credit card debt? If so, you’ll be part of the American masses contributing an additional $34.4 billion in additional interest charges over the next year thanks to the Fed’s 500 basis-point hikes between March 2022 and May 2023, according to WalletHub. While the ins and outs of the economy usually put people to sleep, the recent changes are enough to turn your nightmares into reality, and folks are finally noticing.
Nearly 2 in 3 people surveyed in the nationally-representative data collection conducted by WalletHub said they don’t think inflation will go back down in the next year. As a result, 24% of respondents said they’ve stopped going out to eat, 21% stopped traveling, and 17% stopped shopping, suggesting mass knock-on effects to the macro economy — all of which target American businesses.
Dear Kay: I Just Saw The Banking News. Are We Screwed? | @DailyCaller
If you bought a home with a mortgage recently, probably yes. But here’s some advice anyway. https://t.co/AclSjtGbl5
— KAY SMYTHE (@KaySmythe) March 13, 2023
What’s even scarier is that one in three Americans think they will lose their job if the Fed continues to raise interest rates. (RELATED: Financial Expert Explains Why The Economy Is Collapsing In One Perfect Tweet)
The Fed is also making it harder for people to eat. Some 66% of Americans said that their monthly grocery expenses have been impacted by the hikes, followed shortly by gas (21%) and housing (13%). More than 50% of respondents said, despite knowing the economy is screwed, they are not prepared for a recession.
Well, I guess the rest of this year will be fun then. Not. What do you think will collapse first: housing or the food supply?