POLL: Inflation is Negatively Impacting the Majority of Americans
Jose Nino
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According to a Gallup poll that was published last month, 56% of Americans indicate that inflation is causing financial problems for their households.
This marks an increase from the figures recorded in November (45%) and January (49%).
According to this report, 12% of those who are facing financial hardship as a result of inflation believe that the hardship is “severe”, while 44% believe it’s “moderate.”
Americans making lower amounts of money are more likely than other Americans to be experiencing severe economic hardship.
26% of Americans whose annual household income is less than $48,000 believe inflation is bringing about severe hardship for their families. Only 12% of middle-income Americans and 4% of upper-income Americans share these views.
Americans making middle-incomes (63%) and upper-incomes (40%) are less likely than lower-income earners to claim that they are facing economic hardship.
There are significant differences in the perception of financial troubles that manifest themselves along partisan lines. Members of the Republican Party (67%) are much more likely than Democrats (44%) to say that inflation is negatively affecting their families. Independents stand at around 56%.
Inflation is a generalized problem in the US. Unsurprisingly, Republicans, who have become more working class in character over the past decade, are going to be the most vocal critics of inflationary policies. Inflation disproportionately impacts the working class, who possess little to no assets to hedge against it.
Democrats, on the other hand, have increasingly transformed into the professional managerial class party. They generally hold the high-paying jobs and possess assets to weather this economic storm.
Inflation is not a natural economic development. It’s the product of loose central banking policies. Any serious right-wing movement that wants to improve Americans’ livelihoods must be willing to take on the Federal Reserve and work to undermine its power.
If the Fed is allowed to continue manipulating interest rates and printing out money, Americans’ living standards will fall off a cliff.
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