Growing living costs in the United States continue to pose trouble for everyday Americans. Despite claims to the contrary from the Biden White House, the nation’s economy isn’t doing so well.
With the interest rate on the rise amid more projected upticks to come, Americans are looking at much higher fees attached to mortgages, car payments, and various other loans. People who currently carry credit card debt will also have a harder time getting out of it as interest rates get higher.
The Biden administration has faced serious criticism for its failure to even acknowledge the crises facing the American economy today. This White House continues to deny the existence of a recession, even claiming the economy is historically strong.
Meanwhile, a recent poll shows Americans aren’t that confident in the economy and continue to anticipate upticks in prices.
Bad News For Everyday Consumers
On Tuesday, Rasmussen Reports released a poll showing the overwhelming majority of Americans believe the prices at grocery stores will go up within the next year.
77% of Republicans, 60% of Independents, and even 47% of Democrats anticipate these price increases. Meanwhile, only 9% of Americans nationwide believe the costs of groceries are going to go down over the next 12 months.
Anticipations of higher grocery prices in the future come on top of 89% of Americans paying more for groceries now than they did in 2021. Just 6% told Rasmussen Reports they were spending more cash on groceries a year ago than they are today.
Will grocery prices be higher a year from now?
— Rasmussen Reports (@Rasmussen_Poll) August 9, 2022
Ultimately, inflation itself is making people adopt different eating habits as prices go up. 63% of Americans are experiencing this firsthand. Meanwhile, only 31% claim their eating habits remain unchanged, despite higher costs.
As Americans anticipate higher prices, Democrats just passed a massive spending bill through the Senate. The Inflation Reduction Act is expected to pass in the House of Representatives as well.
Joe Biden has confirmed on numerous occasions that he’ll sign this bill into law once it arrives on his desk. This comes despite warnings from the GOP that the Inflation Reduction Act will drive up consumer costs.
Adjusting to Higher Prices
As grocery prices get higher and are anticipated to keep growing, some Americans are changing where they shop for food.
Americans are relying more on dollar and discount stores for groceries. Average spending on grocery products at discount chains increased 71% from October 2021 to June 2022. https://t.co/pLH81wmpTn
— The Wall Street Journal (@WSJ) August 1, 2022
In many places across the country, dollar stores are getting more business from consumers who can’t afford grocery store prices any longer. This comes on top of Americans using coupons and seeking various discounts when shopping for food.