Americans are struggling financially, grappling with debt and rising living costs as the economic outlook worsens.
Six in 10 Americans blame the Trump administration for the rising cost of living, according to a survey conducted by Morning Consult. The poll asked 2,007 people how they feel about the high prices, who is to blame, and what can be done to improve them.
In addition, 63% of respondents said the Trump administration’s policies have negatively impacted food prices, while 61% said they are responsible for the rising cost of living.
Many rich people in America have switched to eating frozen food.
Notably, 49% of survey respondents said their personal finances have been negatively affected under Trump. In addition, nearly 8 in 10 Americans, including 70% of Republicans, expressed concern that the US leader’s tariff policies will continue to push up the prices of everyday necessities.
By 2024, new research from the Federal Reserve Bank of Philadelphia shows that even Americans earning more than $100,000 a year will face financial pressure. One in three people with a “six-figure” salary is worried about their ability to pay their monthly bills.
Over the past year, the number of high-income earners expressing concern about the cost of living has also increased sharply. In response, many wealthy households have been forced to tighten their spending, from cutting back on eating out to limiting entertainment.
According to many experts, the survey results reflect the lingering impact of inflation and rising borrowing costs, which are eroding household budgets across the country, even for those who are considered to have a surplus of income.
In another survey conducted from March 22 to April 6, 2024, nearly one-third of Americans earning between $100,000 and $149,999 a year (equivalent to 30.8%) are concerned about their ability to cover living expenses in the next 6 months.
High-income Americans are 23% more likely to be worried about their finances than those earning between $70,000 and $99,999 a year. However, the fear of “not making enough to eat” is also shared by the lower-income working class.
More than 60% of Americans say it has become increasingly difficult to find a well-paying job, buy a home, and pay for child care. Financial stress is most evident in the cost of essentials, with 83% of respondents worried about food prices, with nearly half saying they are “very concerned.” Additionally, 47% are worried about being able to pay their rent or mortgage, while 64% are concerned about dealing with unexpected medical expenses.
Inflation fears loom large over many American families
Notably, nearly half of respondents said they would have trouble paying for a $500 emergency without borrowing money, with one in four admitting it would be a “very big” challenge.
Another survey also found that economic stress is weighing heavily on Americans. One in four admitted they spend at least three hours a day worrying about their finances and ability to cover basic needs. About 25% said they or a loved one had skipped meals in the past year to make ends meet, while 26% admitted to being behind on monthly bills.
In addition, the feeling of insecurity is widespread, with 76% of respondents worried about an impending recession. People also believe that corporations and the super-rich are contributing to financial hardship. Fifty-one percent believe corporations have made life harder over the past 25 years, and 52 percent of people say billionaires are to blame.
In terms of politics, 50 percent of those surveyed blame Republicans, while 41 percent say Democrats have also contributed to making life harder.