Inflation Kills Summer Plans For American Families, Parents Feel Pressured To Work ‘Extra Hours’

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May 25, 2022

Record-high gas prices, rising inflation, and the threat of a new recession have a 56% majority of Americans claiming that their financial situation is “getting worse” according to a Harvard CAPS/Harris poll.

Mark Penn, the co-director of the Harvard CAPS/Harris poll, had this to say to The Hill: “This is a devastating finding that has been climbing month after month.”

“No matter how they are actually doing, a solid majority believes now they are becoming worse off economically and that is America’s most critical read on the mood of the voters,” he added.

Per the poll, 49% said that they expect the country to enter a recession in the next year. 36% believe we are already in an “economic downturn.”

All this financial turmoil is having very real effects on American families. As many parents aren’t holding their breaths for any signs of relief under the Joe Biden administration. Now, they are altering the way they live.

75% of parents are “extremely” or “very” concerned about the “rising cost of everyday purchases like food or gas” according to a poll by Echelon Insights.

57% said that inflation has caused them to change summer plans. While 51% admitted to already changing or canceling family trip arrangements.

Perhaps most shockingly, 26% of parents said that they feel the need to work extra hours. Which has taken away from spending time with their kids.

As Penn put it, “the pessimistic view of Americans” personal finances is directly correlated to the highest rate of inflation in decades.

Billionaire investor David Rubenstein sees this pessimism and these changes to the average American way of life as a long-term problem. Estimating these ramifications will last “a couple of years.”

“Inflation, as we all know, when it gets in the system, it’s very hard to get it out,” Rubenstein said on Fox News.

“So now I don’t think the inflation rate this year will be what it was last month or so. I don’t think we’re going to have 8% annualized rate of inflation, but I suspect something around 5% is probably not unlikely, maybe even 6%,” he added.

According to AAA’s gas price tracker, the average price of a gallon of gasoline is $4.59. Notably, the national average was only $2.37 when Biden took office.

Gas is just one example – as nearly every product has increased in cost under this president. From lumber to eggs, the price of goods is simply more across the board.

As The Wall Street Journal reports: “The cost of building a typical single-family home has jumped $35,000 since December —an increase of more than 6%.”

“The price of eggs is up 46% from a year ago. Lumber prices have more than doubled. The cost of cars, trucks, and SUVs has jumped by an average of $1,500 since last year.”

Americans are hurting and they’re crying for some form of relief. Yet this administration has been asleep at the wheel.

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