With inflation soaring and utilities and food becoming more costly, more than half of Americans feel the strain is becoming unbearable. The worst inflation in 40 years, coupled with gas prices as high as $6 per gallon, have forced Americans to miss payments on bills, credit cards and mounting debt, reported the Daily Mail.
According to a survey by LendingTree, 32% of Americans payed a bill late in the last 6 months. Sixty-one precent of those people stated that it was due to a lack of funds. Most of these missed payments were for utilities, credit cards, cable and internet. Rent and mortgage payments were also met with considerable delay.
Matt Schulz, LendingTree’s credit analyst, described the findings by stating, “millions of Americans have had to make sacrifices because of inflation to pay the bills…perhaps the worst part is that inflation likely isn’t going anywhere anytime soon.”
Consumer prices have also skyrocketed. According to the Labor Department’s Consumer Price Index, the overall cost of food rose 11.4%, with groceries in particular rising to 13.5%. That is the steepest climb since the stagflation years of the late 1970s.
Unfortunately, it is not likely things will improve anytime soon. A survey of economists released by Bankrate, has given little room for optimism. Forty-three percent of those surveyed agreed that inflation would continue to worsen in the next 12-18 months. Two-thirds of them also said that the U.S would enter even deeper recession in that same timeframe.
These gloomy economic realities have poisoned the mood of the American people, especially the young. A survey by the University of Chicago and Associated Press-NORC, found that 7 out of 10 adults under 30 believe homeownership is harder to achieve then it once was.
Most of those polled also said they had aspirations to raise a family and own a home, but that structural and economic factors are making it very difficult. The very foundations of what constituted the American Dream appear to be in tatters.
As the economic situation continues to deteriorate, many Americans are bound to take their frustrations out at the ballot box this November, as they seek to find somebody outside the current regime to ease their hardships.