In times of economic decline, an unprecedented number have described their lives as being in the poor category.
A percentage of Americans that say they are “suffering”According to a Gallup poll, Monday’s figure was 5.6%. This figure has been steadily rising since last summer and is now higher than any time during the 2008 recession, or the 2020 coronavirus epidemic.
Gallup’s quality of life index rates respondents as “thriving,” “struggling,”Oder “suffering”Based on their future life outlook and present situation, the score is calculated. A score below 4 out 10 is considered to be unsatisfactory. “suffering,”While seven and above are considered to be “categorized as,” “thriving.”
Although 59% said that they were, “thriving”That number dropped to 51% in July from 46% last November. It isn’t as drastic as the 46% in lockdowns during the spring 2020 or 46.4% experienced during 2008’s stock market crash.
However, “suffering”Gallup has recorded a figure of 5.6% since 2008, when they began to measure. This record is the highest ever set by Gallup since 2008, when a previous record was established at 4.8%. It has increased steadily from 2.8% in July. In December 2008, the Dow Jones experienced its worst single-day loss ever in history when it reached 4.7%.
This apparent rise in suffering is evident as poll after poll shows Americans are more pessimistic than ever about the US’s economy and place these concerns higher than all other topics.
Current US inflation rates are at 8.5%. This is slightly lower than the 9.1% recorded in June. The rising cost of fuel and food has caused the Biden administration to spend lavishly. Since February, more than $54 million was allocated by the President for Ukraine’s military and economic assistance. Additionally, the bill passed earlier in the month and included a climate, tax, and healthcare reform bill. While the bill is named the ‘Inflation Reduction Act’, the Congressional Budget Office has noted that it will saddle middle-class Americans with around $20 billion in additional taxes over the coming decade, whilst having a “negligible”Inflation impact
President Biden has attempted to blame rising prices on Russian President Vladimir Putin and Russia’s military operation in Ukraine, repeatedly using the phrase “Putin’s price hike”His speeches. However, just 11% of Americans believe that Putin is responsible for high gas prices, and Biden’s approval rating has continued to fall, reaching a new low of 38% in a Gallup poll in July.