WRITTEN BY ALICIA HOPE
Study: Biden Inflation Caused 40% of Americans to Cry Over Their Finances
A study by the loan marketplace LendingTree found that 4 in 10 American adults, including more than half of job seekers, millennials, parents, and women, have cried because of their finances amidst the Biden Inflation.
The study polled 1,598 Americans between 18 to 76 years online from July 8 to July 15, 2022.
According to the Bureau of Labor Statistics, inflation was 8.5 percent in July and 9.1 percent in June, the highest in four decades.
Jobseekers, parents, and Millennials cry most over inflation. The most affected by Bidenflation were unemployed Americans searching for jobs (59%), parents of children younger than 18 years (53%), Millennials (53%), and women (52%).
Additionally, 90% of those who cried did so more than once, with a third (33%) crying more than five times. According to the study, women were twice more likely than men (52% vs. 26%) to cry over their finances due to Bidenflation. Similarly, those earning $35,000 or less cried twice as much as those earning $100,000 yearly (50% vs. 25%).
However, Gen Zers and Gen Xers cried at almost similar rates of 43 percent and 44 percent, respectively. According to the LendingTree study, only one in five (18%) of baby boomers cried due to the Biden inflation. These figures show that the Biden administration has failed to protect the vulnerable demographics on whose backs it rode to power.
Americans cry over failure to meet family needs, rising costs, and debt.
The top three reasons for the bitter tears were the inability to meet family needs (46%), the rising cost of commodities/inflation (39%), and debt (34%).
Nearly a third cried over the inability to afford a mortgage (29%), arguing with a lover over money (29%), failure to afford the same things as their family or friends (30%), and the loss of a job or source of income (27%).
Other issues that drove tears into American adults’ eyes were medical bills (20%) and not having enough money for retirement (17%). The high number of Americans crying because they cannot provide for their families indicates that the impact of the Bidenflation was worse than anticipated.
More likely to cry again. A third of those who cried are likely to cry about their finances again in the next six months. This demographic includes parents of children under 18 years (43%), women (41%), and Millennials (41%). These figures show that the victims of the Biden Inflation expect the situation to remain the same in the coming months.
The Inflation Reduction Act will exacerbate the situation. On August 16, 2022, President Joe Biden signed the symbolic Inflation Reduction Act of 2022 with huge promises.
According to the Congressional Budget Office, the measure has no effect on inflation despite its glamorous name.
Similarly, the Tax Foundation predicted that the law would reduce GDP by 0.1%, causing the loss of 30,000 jobs. Key proposals include spending $369 billion of the total $737 billion on promoting clean energy, the same policy responsible for rising energy costs. Biden had promised to pursue clean energy objectives, which included shutting down major oil projects. This was when the country was on the path to becoming not only energy independent but a net exporter.
Consequently, the US became one of the energy-dependent countries affected by the disruption of the oil markets during the Russia – Ukraine conflict and subsequent sanctions. During this period, the country was a key importer of Russian oil, bringing in 245,194 barrels per day from Russia in 2021 and 53,779 barrels from January to April 2022.
According to the Bureau of Labor Statistics, energy prices increased by 32% in July, the highest increase of all commodities. As a key component in production, energy costs affect the overall prices of all other commodities, thus spurring inflation.
Unfortunately, a third of Americans suffering under Bidenflation do not see their condition improving soon. If anything, this report paints a grim economic situation caused by the Biden inflation and its emotional toll on Americans.