75% of America’s Middle Class Are Getting Pummeled by the Rising Cost of Living
Jose Nino
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According to a poll by Primerica, inflation and fears about a stagflationary recession are making middle-class Americans pessimistic about their financial status and the overall health of the broader economy.
75% of Americans with incomes between $30,000 and $100,000 stated that their income is not catching up with inflation, per the findings from Primerica. This represents a notable increase from March when these figures stood at 67%.
77% of those surveyed said they expect the economy to go into a recession by the end of 2022.
61% of middle class Americans said they expect the economy to be in worse shape in 2023. Only 14% said they expect it to improve.
41% indicated that inflation is their primary concern. Being able to make food payments is the primary concern of 26% of middle-class Americans.
71% indicated that they’re slashing restaurant meals and takeout. These numbers were at 57% in March.
69% of respondents said they have plans of keeping current technology as opposed to upgrading, thereby showing strong inclinations among middle class Americans to save money for the time being. Back in March, this number stood at 44%. 49% indicated they have plans on reducing spending on groceries, which is an increase from March, a time when this figure was at 37%.
38% of middle class respondents said they had already postponed a major purchase owing to interest rate increases. Back in June, the Federal Reserve announced its decision to implement a 75 basis point increase in its interest rate target. John Carney of Breitbart News noted that this was the biggest hike since 1994.
It’s becoming clear that inflation is not transitory. Inflation is here to stay thanks to the government’s misguided monetary and broader economic policies.
Right-wing populists must make it a point to promote candidates who talk about ending the Federal Reserve and downsizing the regulatory state. These institutions largely contribute to many of our economic problems and stymie productive economic activity.
If the current economic system stays in place, we will witness the total dispossession of the American middle class.
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