The White House and Congress moved fast to approve three stimulus checks and increased child tax credit payments to mitigate the economic effects of the pandemic.
There’s no denying that providing these monies promptly aided cash-strapped Americans during the healthcare crisis. According to CNBC, if a comparable “incident” occurred now, “many people would still be struggling financially.” The Bipartisan Policy Center, the Funding Our Future group, and Morning Consult conducted a new poll, which yielded these results.
Considering that these government-issued direct transfers have disappeared, the survey found that 42% of employed Americans are either very or somewhat financially insecure. Furthermore, 24% of respondents have no money set aside for an unexpected bill.
According to the study, a third of working adults say they would be very or somewhat concerned about their capacity to pay a $400 emergency bill, while 8% say they wouldn’t be able to afford it at all.
According to the poll, nearly half of working individuals have struggled to pay off their debt in the last year, with 46% citing paying utilities and telecom bills as a barrier, 44% citing rent or mortgage payments as a challenge, and 42% citing credit card payments as a challenge.
Other surveys and polls have revealed that Americans are struggling financially due to rising inflationary pressures across the country, with the inflation rate recently reaching an all-time high of 8.5 percent.
According to a survey conducted by Salary Finance, more than 75% of working Americans believe that rising inflation has negatively influenced their finances in the previous year. Indeed, roughly 20% of respondents admitted to running out of money between paychecks frequently, up from 15% the last year.
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According to a recent Moody’s Analytics study, the high-inflationary climate costs the average American household $327 each month. This is roughly $30 more than the previous estimate of $296 each month. The study comes after Bloomberg economists released another forecast, claiming that inflation will cost the average American household $5,200 this year. That equates to an extra $433 in monthly expenses when broken down.
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There are also growing concerns that the worst may yet befall us. According to a Bankrate poll, 53% of experts say inflation will likely grow faster than expected over the next 12 to 18 months.
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