UPDATED 11:25 AM PT – Monday, August 8, 2022
A rising number of Americans are saying their personal finances are getting worse under the current administration. A new Harvard-Harris poll found a majority of 56 percent of Americans said their financial situation has worsened amid President Joe Biden’s policies.
This compared to just 33 percent of respondents saying the same a year ago. In addition, only 20 percent of Americans complained about a poor economy in the final month of 45th President Donald Trump’s presidency. This comes as rents and mortgage costs are surging across the US, along with an ongoing rise in other basic living expenses.
“Many tenants saw decided decreases in their income during the pandemic, so we’re in an unfortunate situation where inflation may allow landlords to increase rent just at a time when when tenants can’t really afford it at all,” explained Cynthia Strathmnann of Strategic Actions for A Just Economy
A separate poll by Rasmussen revealed the majority of Americans believe the US is in a recession and Biden is to blame. This comes as the Biden administration appears to have paired up with Big Business to promote its latest social spending bill. The President said a Democrat-backed spending binge will combat inflation, however, hundreds of economists disagree.
Last week, the President held a virtual conference with representatives of large businesses and labor unions to promote his so-called Inflation Reduction Act. He claimed the mega corporations had American families’ best interests at heart by putting their weight behind the bill. Biden touted the multiple ways he alleged Americans will save money from health care to effects from the so-called climate crisis.
However, analysts are less optimistic about the bill with 230 economists penning a letter to House and Senate leadership warning the spending package will serve as gasoline for red hot inflation. The economists warned the spending tax hikes will serve as a one-two punch to the economy, boosting demand while handicapping supply.
Nonetheless, the Inflation Reduction Act passed in the Senate over the weekend. The legislation will move to the House with a vote expected to take place on Friday. Meanwhile, several GOP lawmakers are calling attention to flaws in the bill.