The survey asked respondents about the habits they have had to alter due to the reality of increasing prices in President Biden’s America. Bidenflation was much worse than experts predicted for the month of June, rising to an annual rate of 9.1 percent, according to the Department of Labor.
Perhaps what is more, the cost of basic items, such as food, rose by more than 9.1 percent. Food, for example, rose 10.4 percent in the last year, and food at home rose 12.2 percent.
Energy costs have risen 41.6 percent in the last year, and gasoline, specifically, has risen 59.9 percent, according to the report.
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As a result, Americans have been forced to change their purchasing habits. According to the survey, 45.3 percent of Americans have had to cut back their spending on groceries, and 59.4 percent said they are now going out to eat less often as the result of inflation.
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Another 48 percent said they are driving less, and 45.4 percent said they are delaying or canceling vacations/travel plans due to rising costs.
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All the while, all indicators point to the U.S. economy in the state of recession after two consecutive quarters of negative economic growth:
"The economy contracted by 1.6 percent in the first quarter. Many Americans consider two straight quarters of recession to be the marker of a recession. Economists, however, rely on the determination of the National Bureau of Economic Research (NBER) to say when a recession starts. The NBER has a more complex and subjective definition of recessions and typically does not declare a recession until several months after it has begun."
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Gross Domestic Product (GDP) shrank 0.9 percent in the second quarter. This state of economic affairs spells trouble for Democrats, who have complete control of Washington, DC, as the midterm elections approach, and survey after survey shows Americans pointing to the economy as the top issue as they head to the polls in November.
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An inflation gauge that the Federal Reserve uses as its primary barometer jumped to its highest 12-month gain in more than 40 years in June, the Bureau of Economic Analysis reported Friday.
The personal consumption expenses price index rose 6.8%, the biggest 12-month move since the 6.9% increase in January 1982. The index rose 1% from May, tying its biggest monthly gain since February 1981.
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