Inflation is causing financial hardship for millions of Americans, with lower-income households being the hit hardest, according to a Gallup poll released Thursday.
According to the study, 45 percent of the households are experiencing financial hardship as a result of recent price hikes.
Prices are Rising
Prices have climbed at their quickest rate in years, just as Americans prepare to shop for Christmas gifts in stores and online. As the nights become colder across most of the United States, high residential heating fuel prices are putting a strain on household budgets.
Ten percent of the households believe inflation is causing them “serious” hardship. Another 35 percent are going through “moderate” difficulties.
The impact of inflation is disproportionately felt by lower-income families. 42 percent of households making less than $40,000 per year say they are experiencing considerable hardship.
Meanwhile, 28 percent say they are experiencing severe struggles. A total of 71 percent of people believe they are affected by inflation.
USDTRY is up 40% in the past three weeks. This is how hyperinflation begins pic.twitter.com/gcHwmrZdtd
— zerohedge (@zerohedge) November 30, 2021
Only eight percent of household incomes from $40,000 and $99,999 experienced severe hardship, while 38 percent experienced medium hardship. The serious share is only two percent among higher-income families, whereas the intermediate share is 28 percent.
When it comes to hyperinflation, there is a political difference. At 11 percent, Republicans and Independent voters were similarly likely to say they are experiencing serious difficulty. The severe percentage among Democrats was eight percent.
Only 28 percent of Democrats experienced medium hardship, while 42 percent of Republicans, 38 percent of centrists, and 42 percent of Democrats indicated medium struggles.
Almost 40 percent are Suffering Under Inflation
To put it another way, 63 percent of Democrats believe inflation has caused them no problems, compared to 51 percent of Independent voters and 47 percent of Republicans.
Inflation is a bigger problem for people who don’t have a college diploma. Only four percent of college degree households report they are experiencing significant hardship, compared to 13 percent of non-college families.
In comparison to college graduates, 40 percent of non-college households claim they have experienced moderate difficulty.
If you have never lived under hyperinflation, you will not understand that the beginning looks exactly like right now. 🍿
— DETERMINISTIC OPTIMISM (@nvk) November 27, 2021
According to the Gallup poll, comments made by some left-wing campaigners and reporters that inflation fears are fueled by the affluent do not represent the experience of ordinary Americans.
In July, President Biden declared that no “real” analyst was worried about inflation. Breitbart News revealed Biden-flation would disproportionately affect lower-income individuals.
Lower-income Americans of all races have suffered hardships in the initial months of the Biden presidency. Inflation has an especially negative impact on individuals at the lower end of the income scale.
Since current spending accounts for a significantly larger portion of income, increased prices put a greater strain on household budgets.
Since modest savings are far more likely to be held in low-interest savings accounts than in stocks or inflation-protected assets, they are subject to the depreciation of the US dollar’s purchasing power.