The shut downs were bad.
Businesses were closed.
People were unemployed.
Maybe it’s “the grass is always greener,” you know “the good old days” sort of thing
But ABC and Wapo have been taking this poll for 37 years
and this is the largest number of folks feeling this way ever.
From the article:
Four in 10 Americans say they’ve gotten worse off financially since Joe Biden became president, **the most in ABC News/Washington Post polls dating back 37 years. . . **
The big hit on Biden is the economy: With inflation moderating but still high, 41 percent say they’re not as well off financially as they were when Biden took office, the most in nearly three dozen ABC/Post polls to ask the question since 1986, when Ronald Reagan, who popularized the “better off” phrase, held office. Just 16 percent in this poll, produced for ABC by Langer Research Associates, say they’re better off. . . .
How come ll those other years Americans did not feel “worse off” in the great numbers they do this year?
The most obvious explanation would be that there really are more Americans worse off now.
“ As rising prices continue to outpace wage gains, families are finding less cushion in their monthly budget.
As of September, 63% of Americans were living paycheck to paycheck, according to a recent LendingClub report — near the 64% historic high hit in March. A year ago, the number of adults who felt strained was closer to 57%.
“Consumers are not able to keep up with the pace that inflation is increasing,” said Anuj Nayar, LendingClub’s financial health officer.
I know I personally had a good year last year…pretty much all I did was keep up with rising costs.
“ Nearly half of Americans said they have less savings than they did a year ago, according to a recent Quinnipiac University poll.
1
As cash savings fell, so did retirement accounts: The number of 401(k) retirement participants taking out loans from their plans increased by 13% in the past 12 months, and hardship withdrawals rose 24%.
2
The 401(k) withdrawals occurred at a time investors were already enduring other financial pain.
Well if you save half your money (cause you’re rich)
then inflation only hits the half of your income you spend.
If most of your income goes to fixed payment things like car loans, car insurance, cell phone bills and mortgage payments, then you discretionary spending gets SLAMMED by the food-and-energy inflation so often the authorities don’t even count because “it’s not core inflation.”
