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New polling shows almost 50% of Americans say their economic situation is unchanged since last year. With the government continuing to grow and spend, there are good reasons for Americans to be concerned that things might not get better or that they could get worse.
Just 16.1% of those who responded to the YouGov/Economist poll said they were better off than a year ago, and many think things could still get worse. This could be the result of the lingering effects of Bidenomics.
Economist Joel Griffith said, "Families are still enduring the price hikes that they’ve suffered over the last four years. Inflation was over 22% since Joe Biden took office, and that doesn’t just resolve itself overnight."
He went on to say that one of the biggest ongoing contributors to America’s financial concerns is the fact that government spending still hasn’t slowed down at all. He said, "We’ve got the federal government competing with people looking to buy homes and cars for limited capital. That’s a big part of the reason why we’ve seen mortgage rates now at 7%."
Griffith went on to say that the clock is ticking, and we can’t keep up this spending forever. He also warned that if something isn’t done soon, we could end up facing some of the same economic hardships that European countries have faced, along with much slower wage growth.
According to Griffith, "It’s hard to predict exactly when or if there will be a definitive breaking point, but it really could come to a crux in about nine years from now, when the so-called ‘trust funds’ of Social Security dry up."