Inflation’s Impact: Americans Feel Economic Troubles in Their Wallets
As Americans continue to grapple with the effects of inflation, a recent survey conducted by CBS News/YouGov reveals that the impact may go beyond the immediate pressure on their pocketbooks. The survey suggests that there is a larger sense among Americans that inflation is stifling opportunity in the country. Moreover, it points to a deepening belief that the nation’s economic troubles in recent years have been tougher than those faced in generations past.
Despite stronger jobs reports and positive talk from economists about “soft landings” in the economy, the survey indicates that Americans are paying more attention to their own experiences rather than macroeconomic measures. An overwhelming number of respondents also feel that their incomes are not keeping pace with the rising cost of living, leading to a prevailing sentiment that opportunity is only increasing for the wealthy, not the middle class.
The survey results also highlight the impact of inflation on Americans’ standard of living, with more people expressing that their quality of life is worse, rather than better, than that of their parents’. This sentiment is particularly strong among millennials and Gen-Xers, who are currently in their prime working years, signaling a shift away from the traditional notion of the American Dream.
The survey also sought to gather opinions on potential solutions to combat inflation. Interestingly, while more interest rate hikes are not a popular idea among respondents, a significant portion expressed support for government price controls as a means of managing inflation.
As for the White House, the survey found that most Americans believe a president has the ability to control inflation, although President Biden continues to receive poor marks for his handling of the issue. Additionally, the survey suggests that many Americans attribute inflation to international factors, suspicion of companies overcharging, and government spending, rather than “higher consumer demand.”
Ultimately, the survey paints a picture of ongoing economic uncertainty and negative views of the economy, with the majority of respondents still expressing the belief that the economy is in poor condition. Despite the Biden administration’s efforts to address inflation through legislative actions, many Americans feel that they have not heard enough about these initiatives.
The CBS News/YouGov survey was conducted with a nationally representative sample of 2,144 U.S. adult residents and has a margin of error of ±2.8 points. These findings shed light on the pervasive impact of inflation on Americans and their views on the nation’s economic outlook.