40% of Americans Struggle to Pay Bills, Report Reveals

Nearly 40% of Americans are worried about being able to pay all of their bills on time, a higher percentage than during the Great Recession of 2008-09, according to a new survey.

A CNN poll revealed that 39% of Americans are concerned about consistently paying their bills, a 33% increase from the peak of Biden-flation and exceeding 37% during the 2008 crisis, when unemployment was nearly 10%, as reported by the outlet based on polling results.

Inflation during the Biden-Harris administration has reached unprecedented levels, and while there has been a slight easing in rates recently, they are still uncomfortably high. The costs of essential goods, such as food, gasoline, housing, and utilities, continue to climb. CNN stated that “consumers are still trying to catch up to the price spikes of the last few years.”

The Daily Signal, referencing the survey, shared:

Still trying to catch up is an understatement. The gap between nominal wages and inflation-adjusted wages since 2021 has exceeded 20%. Many workers believe they are earning more, but even when considering official inflation rates, they have effectively lost thousands of dollars in real income.

Moreover, if the official inflation rates are inflated themselves, which appears to be probable judging by the rising costs from housing to food, then the losses for workers could be significantly higher.

To put this into perspective, while official inflation since COVID-19 has been recorded at 21%, fast-food menu prices—a common reflection of actual inflation—have surged more than double that figure, and housing costs have reportedly doubled due to increasing property values and rising mortgage interest rates.

If these actual costs are more indicative of true inflation, it stands to reason that workers may be losing thousands each month.

CNN noted that 35% of respondents, or over one-third, have had to take on additional part-time jobs to meet expenses. This figure includes 44% of Black Americans, 52% of Latinos, and nearly half of workers under the age of 45.

“This trend explains why job numbers look good on paper but the real number of employed Americans has dropped—down 600,000 in the past eight months,” the Daily Signal highlighted.

The survey also found that over two-thirds of Americans are cutting back on grocery purchases, and nearly half are driving less to conserve gas. In addition, 40% of Americans are relying on credit cards to cover essential expenditures like groceries and fuel.

Labor Department data released recently showed that employers added a mere 114,000 jobs in July, which was below the 175,000 jobs predicted by economists from LSEG. Furthermore, the unemployment rate has inched up to 4.3% from 4.1%, despite expectations of stability.

“This represents the highest jobless rate since October 2021,” Fox Business reported.

Economic concerns have become one of the most critical issues for a significant portion of Americans this election cycle. Vice President Kamala Harris, who is now the Democratic Party nominee, has previously endorsed “Bidenomics,” although her administration has overseen some of the highest inflation levels in decades.

“Despite the sweltering summer temperatures around the nation, the job market is not experiencing a heatwave,” remarked Becky Frankiewicz, President of ManpowerGroup North America. “Across the board, we are seeing a cooling down and a loss of most gains from earlier in the year.”

A recent poll by Financial Times-Michigan Ross indicates that former President Donald Trump currently leads President Joe Biden by eight points in public trust regarding economic management: with 43% of respondents indicating trust in Trump compared to 35% for Biden. Follow-up surveys have reiterated this sentiment, revealing that more’Americans now see Trump as the better option for economic stewardship than Harris.

“In another unsettling trend for the White House, our monthly FT-Michigan Ross survey reveals that voters consistently trust Trump more than Biden when it comes to economic matters,” the analysis of the polls disclosed, pointing out that Trump has gained two points since the last survey.

Only 28% of voters believe that Biden has positively impacted the economy, with a disapproval rating of 58% compared to a 40% approval rate for his economic policies.