In the same week that Federal Reserve Chairman Jerome Powell told Congress that it's time to stop calling inflation "transitory" — a conclusion most Americans had already arrived at — a new Gallup survey showed just how far-reaching the impact of the the Biden administration's economic policy has become.
Nearly half of American households — 45 percent — reported experiencing "financial hardship" as a result of price increases when checking out at the grocery story, pumping gas, or paying utility bills. Perhaps more alarmingly, ten percent of Americans now say inflation-triggered hardship is threatening their current standard of living. Is this what "build back better" has given Americans?
45% of US adults say recent price increases are causing financial hardship for them or their household, including 10% who say they're causing severe hardship, per new @GallupNews survey. Among those earning less than $40,000, 71% report financial hardship. https://t.co/iD34TpbzSZ pic.twitter.com/ZIFIebk1gm
— John Gramlich (@johngramlich) December 2, 2021
It also turns out that, despite President Biden's campaign promises and the Democrat party line claiming to help the less fortunate, "lower-income" Americans are taking the brunt of the pain caused by rising prices with 71 percent of those making less than $40,000 annually saying they're experiencing hardship due to inflation.
For those making between $40,000 and $100,000 per year, 47 percent said they're experiencing financial hardship caused by inflation while 26 percent of Americans making more than $100,000 per year reported economic issues due to rising prices.
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"As Americans sail into peak holiday shopping season and winter temperatures bring bigger heating bills to much of the country, nearly half of U.S. adults already report that price increases are causing them financial hardship," explains Gallup's report accompanying the data. "Rising prices are expected to persist, meaning more Americans are likely to report hardship and those most vulnerable are likely to see things get worse before they improve."
Gallup's assessment matches the forecast given by Chairman Powell earlier this week. If he says it's time to "retire" use of the word "transitory" when discussing the inflation that's ballooned under Biden, the pain caused by rising prices is not going to subside soon. As Katie pointed out in her piece on Powell's testimony, "Inflation was never temporary or transitory, but that didn't stop the Biden administration from claiming it was."
President Biden and his party have long-claimed to be on the side of working-class Americans and argued that Democrat policies help Americans achieve a better life. But, as has become clear to most who are willing to honestly assess the impact of the Biden administration's policies, Democrats aren't making things better for the American people, least of all those already experiencing financial hardship.
After White House Press Secretary Jen Psaki's previous belittling mockery of the "tragedy" of a delayed treadmill when asked about America's broken supply chains, it will be interesting to see what she has to say to nearly half of Americans who report financial hardship caused by inflation if Gallup's survey comes up in a White House briefing this week.
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