Rising Financial Struggles for Americans Under Biden-Harris Administration

According to a recent survey conducted by a leading financial insights organization, close to 40% of Americans are experiencing concerns about their ability to meet monthly financial obligations. This figure is notably greater than what was observed during the Great Recession of 2008-09. A CNN poll indicated that 39% of U.S. residents are worried about their bill payments—a 33% increase since the peak inflation period often referred to as “Bidenflation.” This statistic surpasses the 37% recorded during the 2008 crisis, which correlated with an unemployment rate nearing 10%. Under the Biden-Harris administration, inflation has surged to unprecedented levels, prompting widespread anxiety among consumers.

Although inflation has shown some signs of moderation in recent months, it continues to be alarmingly high, contributing to increased prices of essential items, including groceries, gasoline, housing, and utilities. According to consumer feedback, many are still struggling to adjust to the price surges witnessed over the past few years.

The Daily Signal highlighted findings from the survey, stating: “Still trying to catch up is an understatement. The gap between nominal wages and inflation-adjusted wages since 2021 exceeds 20%. While it may appear that wages have increased significantly, when factoring in official inflation rates, workers have lost thousands in real income.”

The analysis further suggests that if the reported inflation figures are inaccurate, as many suspect, the actual inflation workers experience—reflected in real-world costs of necessities—could reveal an even bleaker financial reality.

To put this into perspective, total official inflation statistics since COVID-19 amount to approximately 21%, yet fast-food menu prices—a commonly used benchmark for evaluating realistic inflation—have soared by more than double that. Housing costs, too, have escalated significantly, with recent reports indicating a doubling in prices largely due to raising property values and mortgage rates.

The implication is striking: Should the tangible figures represent a more accurate account of inflation, many workers may find themselves forking out thousands of dollars they can no longer afford on a monthly basis.

CNN’s recent polling revealed that 35% of the surveyed individuals, equating to one in three respondents, have resorted to taking on part-time jobs to make ends meet. This trend is particularly pronounced among marginalized groups—44% of Black adults and 52% of Latinos report needing additional work. Furthermore, nearly half of employed individuals under 45 years old find themselves in similar situations.

The Daily Signal’s analysis notes: “This trend explains why job numbers may appear to be rising officially, while the actual employment figures illustrate a decline—down 600,000 jobs over the last eight months alone.”

Moreover, the same survey finds that over two-thirds of respondents have cut down on grocery expenditures, and almost half are opting to drive less in an attempt to save on gasoline. Notably, 40% of Americans have begun relying on credit cards to cover essential expenses such as groceries and gas, a concerning trend indicating a potential crisis.

In a broader context, the U.S. Department of Labor released data earlier this month showing that employers added only 114,000 jobs in July, significantly lower than the expected gain of 175,000 forecasted by economists at LSEG.

The nation was taken aback as the unemployment rate unexpectedly ticked up to 4.3% from 4.1%, in stark contrast to predictions that it would remain stable. This increase marks the highest jobless rate since October 2021, according to reports from Fox Business.