A new survey from Gallup asked Americans whether inflation is making it harder to maintain their standard of living. 45 percent said it was with 10 percent saying that inflation was creating a severe financial hardship in their household.
The impact of inflation was more severe for poorer Americans. 71 percent of Americans in households with an annual income of $40,000 or less said that inflation was making it more difficult for them to maintain their standard of living and 28 percent saying it was making it much harder. So much for the Democrats being the party of the poor.
Inflation is also a more severe hardship for households without a college degree. So much for the Democrats being the party of the working class.
More bad news. It is becoming more likely that prices are going to go up a lot in 2022. the Organization for Economic Cooperation and Development is now forecasting that prices in the U.S. will increase by more than 4 percent in 2022. That’s up from just over 3 percent in their September forecast.
High levels of inflation have a disproportionate impact on lower income and younger Americans. Low income and younger households spend more of their income on goods and services and therefore are more heavily impacted by rising prices at stores and supermarkets.
Of course, the corporate media, which is totally in the tank for the Biden Administration and the Democrats, is trying to spin the lie that inflation is a good thing.