The currently climbing rates of inflation we have experienced from President Joe Biden are having very real and obvious effects on American families, states a recently run poll.
This poll was carried out by Echelon Insights and discovered that just about 75% of parents are “very” or even “extremely” worried about the “rising cost of everyday purchases like food or gas.”
The survey also discovered that this new rate of inflation is outright altering the way Americans go about their lives. When asked, “Has recent inflation (increases in the price of gas, groceries, etc.) caused you to change any of your plans for what your children will do this summer?” 57% of the people spoken to stated yes while only 37% of them said no.
Additionally, when asked if their family has “changed or canceled plans for a family trip” due to this inflation, 51% responded yes. This stat went right along with another where 41% of those asked stated that they “changed or canceled activities for my children like camp or extracurricular activities.”
In regards to being able to spend time with their children this summer, 26% responded with yes to the question, “I won’t be able to stay home with my children because I need to work extra hours.”
Inflation has been rising rapidly and equally across the board, whether you look at food costs or gas prices or almost any other consumer good. David Rubenstein, a billionaire investor, stated earlier this past month that Americans will be dealing with and suffering from these levels of inflation for quite a while.
“Inflation, as we all know, when it gets in the system, it’s very hard to get it out,” he stated while being interviewed on Fox News. “It takes a long time to get it out, can take a couple of years.”
“So now I don’t think the inflation rate this year will be what it was last month or so. I don’t think we’re going to have 8% annualized rate of inflation, but I suspect something around 5% is probably not unlikely, maybe even 6%,” he went on.
Just last month, the Labor Department made public the consumer price index (CPI), which is a metric that gauges the amount that the American public pays for standard everyday goods such as gas or food, which had sprinted up to a level that had not been seen for well over four decades. The CPI jumped by a staggering 8.5% when compared to the same time one year ago, as reported by the data put forth on the 14th of April. What is more worrying is that even when you remove fuel and food, the CPI still jumped a massive 6.5%.
“Price increases came from many of the usual culprits,” read a recent report from CNBC. “Food rose 1% for the month and 8.8% over the year. … Energy prices were up 11% and 32%, respectively,” while “Shelter cost, which make up about one-third of the CPI weighting, increased another 0.5% on the month, making the 12-month gain a blistering 5%.”