4/30/2023 0 Comments Gridded wallpaper![]() But it’s also possible that a gas holiday just wouldn’t do much to offset the high cost of living that’s squeezing many households. It may, however, be popular politically: A YouGov poll published Thursday found that 55 percent of respondents would approve of the move. That said, some experts worry that a gas holiday could make inflation worse by increasing demand, and it would need to be approved by Congress regardless. ![]() And a Gallup poll released at the end of May found that “The government/Poor leadership” edged out the high cost of living and inflation as a top concern. ![]() FiveThirtyEight’s collaboration with Ipsos found, for instance, that Americans are especially worried about inflation and political polarization. In general, Americans are pretty pessimistic, not just about their own financial situation - more than a third of respondents in that Wall Street Journal/NORC poll ranked their financial situation as poor or not so good - but about the current political system, too. In a Wall Street Journal/NORC poll from last month, two-thirds of people said it would be somewhat or very easy to find a new job, but the boom in the labor market hasn’t been enough to ease the problems elsewhere. Moreover, many are dipping into their savings this year to cover increased costs - despite low unemployment and increases in wages. Purchasing confidence has also fallen, which means people don’t expect inflation to end any time soon. Only 28 percent ranked the economy as good. In a Pew Research Center survey from January, majorities of Americans said 6 out of the 8 economic indicators they were asked about were worse than the previous year. And though many planned summer vacations that were similar to those they’d had pre-pandemic, they aimed to spend less.īut while some families are changing their habits, that doesn’t mean they’re happy about it - and it probably doesn’t help that they’re making choices based on what they can afford instead of what they want. Respondents are also putting off otherwise planned purchases (74 percent). But one of the biggest impacts was in cutting back on entertainment or eating out (77 percent) perhaps inflation was partially behind the reported drop in Netflix subscribers earlier this year. The poll also found that 59 percent were reducing their use of electricity and 59 percent were driving less. (Higher-income families were just spending more.)Ī Washington Post/Schar School poll conducted April 21 to May 12 found similar levels of bargain hunting - 87 percent of respondents said they took the time to find the cheapest product. Families are eating out less often, cutting back on meat and forgoing alcohol and organic produce.Ī similar poll from last month found that middle-income households were spending slightly less on groceries overall and shifting to less expensive options, like store brands instead of name brands. More than half, 53 percent, say they’ve changed their eating and drinking habits. Nearly three-quarters of Americans say they’ve altered their spending habits to save money because of inflation, according to a Morning Consult poll released this week. It also gets at why they’re so important politically, especially as surveys show that Americans are adjusting their budgets. Transportation and groceries are necessities that are purchased weekly or even daily, which means Americans feel these changes in a visible, visceral way. As plenty of people have pointed out, the cost per gallon is displayed on giant signs everyone can see. It’s no surprise, then, that Biden is responding to pressure to do something - anything - about gas prices. High gas prices are also helping to drive overall inflation, which reached 8.6 percent as of May. If the price keeps going up, it could top highs not seen since the summer of 2008. Earlier this week President Biden asked Congress to temporarily suspend collection of federal gas and diesel taxes for three months as a way to relieve pressure on Americans as national gas prices rise to $5 a gallon.
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