Inflation under President Joe Biden has now lasted so long and has gotten so bad that a large plurality of Americans is officially struggling to get by.
A recent study of 8,500 people across 10 countries, including 2,000 Americans, found that 43 percent of respondents had asked their loved ones for financial help in the past year due to the rising cost of living. The research shows that individuals are increasingly relying on others for assistance with basic necessities, such as groceries (40 percent) and rent or mortgage payments (29 percent), the site Study Finds noted.
“Their parents (57%) and their friends (42%) were the people respondents were most likely to turn to for money, but a quarter have turned to a co-worker, while more than one in 10 have asked their child for money (15%) in the past year,” the report continued.
The survey, which was conducted by OnePoll and commissioned by Herbalife, found that the need for financial help is not due to a lack of effort on the respondents’ part, noting that 56 percent of respondents reported having a side hustle or other supplemental income.
Millennials were found to be the most likely generation to have a side hustle with a percentage of 61%, compared to 40% of baby boomers. Additionally, 55% of respondents who have a side hustle said that they started it to make ends meet.
“The increased cost of food, housing and natural resources have affected communities globally, causing people to search for supplemental income streams. This opportunity has existed for more than a century through direct selling, which provides flexibility and, more importantly, a support system,” noted Herbalife’s executive vice president of distributor and customer experience, Ibi Montesino, in a statement.
While everyone is distracted by Trump’s indictment, America’s economy is under attack
The BRICS are expanding their alliance & de-dollarising global trade as we speak
America’s superpower status is crumbling b/c of Bidenflation & nobodys talking about ithttps://t.co/PYatywiHPi
— DC_Draino (@DC_Draino) April 4, 2023
Study Finds added: “American respondents with a source of additional income said, on average, they’d need to earn about $404 more per month to live comfortably.”
Meanwhile, according to a survey by the Federal Reserve Bank of New York on Monday, Americans are preparing for a rise in inflation in the coming years, while also expressing concerns about a credit crunch in the wake of several bank failures, Fox Business reported.
The median expectation among Americans is that the inflation rate will rise to 4.7% one year from now, up from 4.2% in February. It marks the first series increase since October and poses a challenge to the Federal Reserve’s efforts to reduce price pressures through a series of rate hikes.
“Consumers anticipate that inflation will remain sticky in coming years, according to the survey, estimating that inflation will hover around 2.8% three years from now. By comparison, central bank policymakers projected in their latest economic forecasts that inflation will fall to 2.5% next year,” Fox Business added.
“Despite the increase in year-ahead inflation expectations, consumers expect the price of food, gasoline and rent to fall in coming years, while they forecast an uptick in housing costs,” the report added.
