A new CNN poll reveals that almost 40% of Americans are worried about paying their bills on time, a higher percentage than during the Great Recession.
This marks a 33% rise from the peak of inflation during the Biden administration and surpasses the 37% concern during the 2008 financial crisis, when unemployment was close to 10%. Although inflation has slightly eased, it remains high, continuing to drive up the cost of food, gas, housing, and other basic necessities. Many Americans are still trying to recover from the price increases of recent years.
The Daily Signal noted that the gap between nominal wages and inflation-adjusted wages has exceeded 20% since 2021, meaning workers are earning more on paper but losing thousands in real income due to rising costs. The report also suggests that official inflation may be underreported, as everyday expenses like fast food and housing have seen price increases far above the official inflation rate.
The poll also found that 35% of respondents, particularly Black and Latino Americans and younger workers, have taken on extra part-time work to make ends meet. Over two-thirds of Americans are cutting back on grocery spending, and nearly half are driving less to save on gas. Additionally, 4 in 10 are relying on credit cards for essentials.
Labor data released earlier this month showed only 114,000 jobs were added in July, falling short of expectations, with the unemployment rate rising unexpectedly to 4.3%. Economic concerns have become a major issue in this election cycle, with former President Donald Trump leading in trust on economic matters.
