You feel the prices rising, and you’re worried about war, the border, and governors and bureaucrats who just can’t seem to give up on their “emergency” powers. You’re probably among the 80% of Americans who say that they are not better off today than they were a year ago. That’s according to a recently performed I&I/TIPP poll. According to Tipp Insights‘ Terry Jones:
The poll asked: “Generally speaking, is your family better off today than it was one year ago, worse off than it was one year ago, or about the same as it was a year ago?”
Fewer than one in five (20%) said they were “better off.” while more than twice that number — 42% — said they were “worse off.” Another 36% said they were “about the same.”
Taken as a whole, that means 78% of Americans have seen no progress or improvement at all in their financial and economic lives since Biden took over in early 2020.
Despite this, Biden’s recent speeches have included references to the “best economic growth in the last four decades.”
“We did it alone. Without one single solitary Republican vote,” he said in Philadelphia on March 11, speaking to House Democrats. “It was the Democrats — it was you — that brought us back.”
If that’s the message, Americans don’t seem to be buying it. And a big reason for that is likely the sudden scary surge in inflation, which hits low- and middle-class Americans hardest of all.
While wage gains have averaged 5% or higher for four straight months, unfortunately, inflation during the same period has surged by an annual rate of over 7%, and looks likely to go even higher.
Americans, it seems, are feeling the pinch of Bidenomics. They can’t keep up, despite all the “stimulus” — or perhaps, because of it.
The main reason Americans don’t feel like their lives are improving is probably that even though their wages are growing, prices are growing faster. Take a look at the real (inflation-adjusted) wages of Americans in my chart below.
Action Line: You want your quality of life to improve, even into retirement. It’s important to prepare for inflation. If you need help building a portfolio with inflation in mind, I would love to talk with you. If you would like to get to know me before we talk on the phone, there’s no better way than signing up for my free monthly Survive & Thrive letter. In the letter each month, I encourage and push you to achieve the personal and financial security goals you’ve set for your family. Click here to subscribe. We’ll get to know each other, and get serious about your future success.
E.J. Smith - Your Survival Guy
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