By Arsenio Toledo
A new survey conducted jointly by the Economist and YouGov found that nearly all Americans have been affected by the rapidly worsening inflation crisis.
The survey was conducted between Aug. 7 to 9 on 1,500 adult U.S. citizens. It asked them: “How much have you felt the impact of this high inflation in your own life?” Thirty-nine percent of respondents said inflation has affected them at least “a little,” and 56 percent said it has affected them “a lot.” Only five percent of the respondents said inflation has not affected them at all.
The survey also found that inflation is affecting Americans almost equally across the board, regardless of political affiliation. Ninety-eight percent of Republicans, 95 percent of independents and 94 percent of Democrats all said inflation has impacted them either “a little” or “a lot.”
The inflation crisis is also affecting almost all Americans, regardless of income. Sixty-two percent of respondents making under $50,000 a year said inflation is affecting them a lot. Fifty-five percent of those making between $50,000 to $100,000 said inflation affects them a lot and 48 percent of people making more than $100,000 said inflation also affects them a lot.
Most Americans believe inflation will get worse in the next six months
The Department of Labor‘s Consumer Price Index for July showed that year-over-year inflation rose by 8.5 percent. This is slightly below the predicted inflation rate of 8.7 percent year-over-year, but the economists who made this prediction also believe inflation won’t slow down anytime soon. (Related: Joe Biden has presided over more inflation in his 18 months in office than any other elected president in history.)
Most Americans share this perspective. A different poll conducted by the Economist and YouGov found that most Americans – 46 percent – are preparing for higher inflation rates six months from now.
Twenty-one percent said the rate of inflation will stay relatively the same, and just 18 percent believe inflation will actually decrease.
Among Democrats, 34 percent believe inflation will decrease. Among Republicans and independents, 64 percent and 51 percent, respectively, predict inflation will get worse in the next six months.
According to the Joint Economic Committee Republicans (JECR), made up of Republican senators and representatives in the Congressional Joint Economic Committee, inflation is now costing U.S. households an extra $717 per month.
The JECR made this calculation by comparing the prices for goods and services in July versus how much they would have cost households on average in Jan. 2021, when inflation remained low at 1.4 percent year-over-year.
“On average, prices did not increase from June 2022 to July 2022. However, prices have increased 13.3 percent from Jan. 2021 to July 2022,” noted the JECR in a statement. “Even if prices stop increasing altogether, the inflation that has already occurred will cost the average American household $8,607 over the next 12 months.”
Furthermore, most Americans believe President Joe Biden’s efforts to curb inflation, including the Inflation Reduction Act, will likely increase inflation, with 40 percent saying they believe inflation will get worse if the bill passes. Another 23 percent of respondents said they believe the Inflation Reduction Act won’t change inflation. Only 12 percent said the bill would decrease inflation.
The $700 billion Inflation Reduction Act has passed in the Senate and the House of Representatives, with legislators voting strictly by party lines. Biden is expected to sign the bill soon, turning it into law.
Republican Rep. Jim Banks of Indiana called the Inflation Reduction Act a bill with “the 50 most radical policies” that does everything except actually combat inflation. It includes significant allocations of taxpayer dollars into expanding the Internal Revenue Service to harass hardworking Americans out of their hard-earned money and on enacting Green New Deal policies to fight so-called climate change.
Learn more about the inflation crisis in America at Inflation.news.
Watch this episode of the “Health Ranger Report” as Mike Adams, the Health Ranger, explains how the Biden administration’s inflation “reduction” bill will only unleash tax terrorism on hardworking Americans.