Majority of Americans Cut Back on Spending as Confidence in Economy Deteriorates

SHARE
TWEET

US consumer confidence has taken a nosedive as economic growth continues to slow, and high inflation shows no sign of decreasing.

The macroeconomic backdrop of high inflation and shortages is causing Americans to drastically alter their lifestyles.

It becomes more and more apparent that President Joe Biden could be the worst thing to happen to America since the Carter administration of 1977-1981.

A New Jersey-based Provident Bank poll found that  83% of respondents slashed personal spending as the prices of gas and food soared.

Meanwhile, 23% of respondents said they had been forced to make “drastic changes” to their spending for financial survival.

The survey, which targeted 600 adults, saw 10.5% of respondents eliminating all non-essential purchases, while 72% said they had made at least some changes to personal travel habits.

On the more extreme side, some respondents said they had to make drastic changes such as skipping meals, eliminating meat from their diets, and even conserving water.

Like President Donald Trump predicted, America is now in apparent economic free fall.

Earlier this month, the  Labor Department reported that the United States Consumer Price Index (CPI) hit a 40-year high in May.

The soaring prices of groceries and gas have put Americans under significant strain.

53% said they spend between $101 – $500 more per month on groceries, while 32% spend between $101 – $250 more on gas; according to the survey results,

They also said skyrocketing household goods, meat, and alcohol prices have led to economic discomfort.

The survey highlights the grim reality that consumers are being hammered by negative real wage growth and inflation at 40-year highs.

This is not to mention that many people have resorted to maxing out their credit cards and draining their personal savings.

The third reading of Q1 GDP on Wednesday was self-explanatory: personal consumption growth has collapsed.

So, if you combine high inflation with a rapidly slowing economy, you get stagflation – a hazardous economic environment the Federal Reserve is trying to avoid.

Biden’s “Build Back Better” economy has brought a souring environment that fundamentally alters the expectations of most Americans.

The weight of inflation maxed out credit cards and collapsed personal savings is now hotting Americans where it truly hurts.

Then there is the vastly unreported imminent wave of evictions, as millions of Americans can’t pay rent.

The current climate almost mirrors the stagflation era of the 1970s when former President Jimmy Carter was in power. Carter, however, was a one-term president.

NOTICE: Our comment section is currently disabled due to malicious attacks preventing our readers being able to comment properly. We are in the process are implementing a new system which will be live soon! Sorry for any inconvenience!

SHARE
TWEET
Telegram
Email
Reddit
Subscribe
Notify of
guest
1 Comment
Oldest
Newest Most Voted
Inline Feedbacks
View all comments
jvfh53k8w
Admin
1 year ago

Testing

Breaking

Trending

Klaus Schwab Resigns as Chairman of WEF
Klaus Schwab Resigns as Chairman of WEF
Klaus Schwab, the founder and executive chairman of the World Economic Forum (WEF), announced that he...
Trump Causes Liberal Meltdown with Joke About Being 'Three-Term' President
Trump Causes Liberal Meltdown with Joke About Being 'Three-Term' President - WATCH
Former President Donald Trump made a joke about running for a third term, causing liberals to lose during...
Rapper, 17, Accidentally Shoots Himself in the Head While Filming TikTok Video
Rapper, 17, Accidentally Shoots Himself in the Head While Filming TikTok Video
A teenage rapper from Virginia has fatally shot himself as he played with a gun while filming a TikTok...
Reports Emerge of Drivers Becoming 'Sick' While Driving Electric Vehicles
Reports Emerge of Drivers Becoming 'Sick' While Driving Electric Vehicles
Electric vehicle drivers and their passengers are falling sick according to experts, who say the lack...
Bill Maher Tells Joy Behar She 'Lose All Credibility' By Refusing to Criticize Biden
Bill Maher Tells Joy Behar She 'Loses All Credibility' By Refusing to Criticize Biden - WATCH
ABC’s The View co-host Joy Behar was given a reality check by guest Bill Maher after she admitted...
Pro-Trans Activist Vows to Stop Supporting 'Trans Rights' after Being Raped by Transgender 'Woman'
Pro-Trans Activist Vows to Stop Supporting 'Trans Rights' after Being Raped by Transgender 'Woman'
A pro-transgender campaigner and women’s rights activist stunned listeners after revealing she...
Don Lemon Reveals Grim News as He Hit Rock Botton in Major Career Failure
Don Lemon Reveals Grim News as He Hits Rock Botton in Major Career Failure
Former CNN, anchor Don Lemon, is facing more setbacks after Elon Musk cut short his doomed venture into...
Biden Admin Roasted after Issuing 'Odd' Statement on Iranian President's Death
Biden Admin Roasted after Issuing 'Odd' Statement on Iranian President's Death
The Biden administration faced backlash online after it issued a grovelling statement about the death...
Former FBI Director James Comey Terrified Trump Will Be Re-Elected: 'You Must Vote for Biden!'
Former FBI Director James Comey Terrified Trump Will Be Re-Elected: 'You Must Vote for Biden!'
Former FBI Director James Comey is desperately calling on Americans to vote for President Joe Biden in...
Son of New Zealand MP Dies Suddenly at 22
Son of New Zealand MP Dies Suddenly at 22
ACT MP Mark Cameron announced the death of his Son Brody, 22, after he died unexpectedly, sparking an...
1
0
What are your thoughts? Click to commentx
()
x

JOIN THE FIGHT!

SIGN UP FOR OUR FREE BREAKING NEWSLETTER STRAIGHT TO YOUR INBOX! 

We don’t spam! Read our Privacy Policy for more info.