(TotalConservative.com) – Upwards of seventy percent of Americans polled felt financially stressed under Joe Biden’s administration according to a CNBC Your Money Financial Confidence poll released on Tuesday, April 11th. A fundamental problem was the impact of inflation during his tenure, over 60 percent of respondents blamed inflation as the primary source of their financial stress.
Bloomberg estimated that the 40-year-high is costing Americans an extra $433 per month as we see the downstream impact of failed financial policies and endless printing of dollars to hand out thanks to extended unemployment benefits and stimulus checks.
Thirty-six percent of respondents cited increased interest rates as a source of their financial woes. The Federal Reserve decided to increase rates as recently as March in an effort to combat inflation. In the wake of banking Signature and Silicon Valley Bank collapsing, the entire system’s stability has come into question.
Uncertainty in the future is causing a lot of stress on individuals and institutions. Only 13 percent of respondents felt “very confident” in America’s banking system. Roughly two-thirds cited the recent collapses as contributing to their own concern about their financial futures.
The poll also elaborated on other trends like more folks living paycheck to paycheck, while still more were going into credit card debt. The survey suggested as many as 58% of Americans were living paycheck-to-paycheck and government data regarding credit card debt showed the number was $38 billion higher than it was this time last year.
Less than half (45%) said that they had an emergency fund saved, and of those that do 26 percent had less than $5,000 saved. The CNBC poll included responses from 4,336 adult Americans at the end of March 2023.
The poll comes as the Federal Reserve is predicting a recession later this year in a report they released Wednesday, April 12th. Their dire predictions include the expectation that a return to normal economic conditions won’t happen until some time in 2025.
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