If Bidenflation is making it harder for you to give presents this Christmas, things are just going to worsen.
Despite the fact it is still before Columbus Day, American consumers have already been rethinking their seasonal spending patterns, due to record-high inflation.
In a recent DealAid survey, 56.4% of Americans said inflation is their top fear for the nearing season of holiday shopping this year.
Consumers Are Concerned
The firm estimates that 48.2% more Americans will be worried about not having enough money to buy presents for Christmas, as well as other celebrations in 2022, than in 2021.
The survey is comparable to another one conducted by Bankrate, which revealed 40% of Americans intend to reduce their holiday spending this year.
Of course, the majority of Americans are aware the economy is having an impact on how much they can afford to spend. They encounter it daily.
When Biden took office:
30 year Fixed Mortgage: 2.65%
Median asking rent: $1,625
30 year Fixed Mortgage: 7.08%
Median asking rent: $2,039
Nasdaq: 10,829 pic.twitter.com/1nzmsR74xj
— InteractivePolls (@IAPolls2022) September 28, 2022
The Daily Wire stated statistics from the Bureau of Labor Statistics showed an 8.3% increase in the cost of products overall between August 2021 and August 2022. Prices for food rose 11.4% during the same time frame.
Approximately 71% of Americans, according to Bank of America’s research think living costs are growing faster than their wages.
According to anecdotal evidence, parents who are astonished by the price of food now frequently return it to the grocery store’s checkout counter.
Biden Spreads Propaganda
Nevertheless, Biden recognizes inflation is an issue and is striving to reduce it without the loss of whatever he deems to be so-called historic wins.
Meanwhile, the average American has lost $4,200 in earnings as a result of inflation and suffered increases in interest rates since Biden took office, according to new statistics from the Heritage Foundation.
Given that reality, it seems like the White House is attempting to spread economic myths, rather than the truth. They want to persuade voters things are not as difficult as they first appear to be.
The so-called "Inflation Reduction Act" needs to be repealed when Republicans take back the House.
— Lauren Boebert (@laurenboebert) September 28, 2022
“Biden’s economic great achievement could fall flat among individuals still suffering,” said the headline in a Politico article published on Monday.
The tagline said, “Joe Biden is ready to pitch his economic good news story.” The story could be ruined by inflation and other market conditions, though.
Alternatively, “Propaganda may not be effective on individuals who are suffering.”
Biden seems to be a firm believer in the adage, “Never allow the facts to stand in the way of a compelling story,” regardless of how you want to describe the White House’s communications approach.
Regrettably for Biden, despite his best efforts to spin the economy, he is unable to convince Americans that their standard of living has improved, despite the fact their hard-earned money is becoming increasingly ineffective.
This is especially true as Americans walk out to buy presents for Christmas and Hanukkah only to find they cannot afford to purchase everything they want.