POLL: Two-thirds of middle-class Americans struggling financially under Biden's economy

Inflation remains a top concern as families grapple with rising prices and limited savings.

POLL: Two-thirds of middle-class Americans struggling financially under Biden's economy
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A recent poll conducted by the National True Cost of Living Coalition has revealed that nearly two-thirds of middle-class Americans are struggling with their finances under President Joe Biden's economy. The survey, which polled 2,500 Americans, found that 65% of middle-class respondents, defined as households with incomes of at least $60,000 for a family of four, are experiencing financial difficulties. Additionally, one in five Americans with household incomes exceeding $150,000 for a family of four expressed concerns about paying their bills.

Jennifer Jones Austin, chief executive officer of the Federation of Protestant Welfare Agencies, which helped commission the poll, commented on the findings, stating, "The economy is booming, and yet many Americans are still gasping for air financially. They simply don't have the breathing room to plan beyond their present needs."

Although the U.S. has experienced job growth under Biden following the COVID pandemic-related business closures, the inflation rate remains higher than when the president took office in January 2021. During most of President Donald Trump's term, inflation hovered around 2%. When Biden assumed office, the inflation rate was just 1.4%, but it surged to 7% by December of that year, reaching a peak of 9.1% in June 2022 before dropping to its current level of 3.4%, per the Daily Wire.

President Biden has attributed the soaring inflation to the aftershocks of the COVID pandemic and the policies of his predecessor, even making the claim that the inflation rate was already at 9% when he took office. The Bureau of Labor Statistics (BLS) cited supply-chain disruptions as a significant factor in the initial inflation increase during Biden's first year, followed by energy price shocks becoming the primary cause of high inflation rates from late 2021 to mid-2022.

The rising costs of food, gas, and housing driven by inflation have made it challenging for many American families to build their savings. The poll found that 46% of respondents did not have $500 saved, echoing findings from the Federal Reserve's annual survey published last month, which revealed that 13% of respondents would be unable to cover a $400 emergency expense by any means. The Federal Reserve survey also highlighted that inflation remains the top financial concern for most respondents.

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