Majority Of Americans Report ‘Falling Behind’ Rising Cost Of Living

Casey Harper, The Center Square

The majority of Americans feel they are “falling behind” as the cost of living continues to rise, according to newly released Polling.

The poll from NBC News asked, “Do you think that your family’s income is … going up faster than the cost of living, staying about even with the cost of living, or falling behind the cost of living?”

In response, 62% of those polled said “falling behind” while only 6% said their income is “going up faster” than the cost of living.

The poll came as Thursday’s new inflation data showed a further significant increase. Data from the Bureau of Economic Analysis for Personal Consumption Expense (PCE) was released by the Federal Reserve. It is a crucial inflation indicator. This data reported the largest increase in almost 40 years.

“The PCE price index for February increased 6.4 percent from one year ago, reflecting increases in both goods and services …” BEA said. “Energy prices increased 25.7 percent while food prices increased 8.0 percent. Excluding food and energy, the PCE price index for February increased 5.4 percent from one year ago.”

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This is at least one reason why the Federal Reserve announced an increase in the Federal Reserve’s interest rates of 0.25%, and six other increases. Although the increase will decrease inflation, it can also have serious economic consequences.

Mortgage rates, which have increased in tandem with the Federal Reserve Rate, continue to rise.

Recent Emerson College March National Poll found that most Americans are hurt by higher prices.

“Eighty-three percent (83%) of voters say they are experiencing some hardship due to increased prices on everyday items, with 40% reporting significant hardship, and another 43% reporting some hardship,” the poll said. “Seventeen percent (17%) report experiencing no hardship. When asked about who they blame for an increase in gas prices, a plurality (39%) blame the Biden Administration, 21% blame the sanctions on Russia, and 18% blame gas and oil companies.”

Even worse for President Joe Biden, many voters blame the administration’s policies for rising prices.

“President Joe Biden’s policies have increased inflation, according to a majority of voters, who expect the issue to be important in November midterm elections,” Rasmussen Reports said in a recent poll. “The latest Rasmussen Reports national telephone and online survey finds that 64% of Likely U.S. Voters believe the policies of Biden’s administration have increased inflation, while only eight percent (8%) think Biden’s policies have reduced inflation. Another 25% say the Biden administration’s policies have not made much difference in inflation.”

The Center Square permission granted this syndicated version.