BIDEN ECONOMY: Many Americans Are Cutting Back This Year for the Holidays

BIDEN ECONOMY: Many Americans Are Cutting Back This Year for the Holidays

By Joe Hoft

Thanks to Joe Biden, inflation is off the charts, and Americans are feeling it.  

Americans this year are cutting back due to the Biden economy

Bloomberg writes:

The gift that no one wants but everyone is getting this year? Inflation.

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Higher prices are hitting shoppers hard as 2022 comes to a close. That’s taking the joy out of gift-giving for a majority of Americans, according to a new survey from the Harris Poll commissioned by Bloomberg News.

Inflation surged to a 40-year high this year, while wages struggled to keep up. Americans are cutting back on their holiday spending as a result. About 60% of respondents said they plan to buy fewer gifts and to purchase gifts for fewer people. A similar percentage are cutting back on holiday travel.

Meanwhile, more than one-third have decided to skip gift-giving altogether due to the costs.

TGP has reported on the horrible Biden economy for more than a year.  Inflation is off the charts.

FOX News is reporting the same:

As Americans face record-high inflation and recession fears, many are cutting back on short- and long-term savings, according to a recent survey by Morgan Stanley at Work.

Inflation caused 62% of workers to reduce their contributions to savings, according to the Financial Benefits survey. Nearly one-third (31%) said they decreased contributions to their 401(k)s, while 26% said they have cut back on paying down debt.

In addition, 24% of American workers are dialing back on the contributions to emergency savings, while 13% are cutting back on their contributions to college savings funds and 19% are reducing contributions to health savings accounts (HSA).

Americans are resorting to second jobs to get by this year.  Any increase in jobs in government statistics is in lower-paying second jobs.

We’re in a recession and Americans know it.  

BIDEN ECONOMY: Many Americans Are Cutting Back This Year for the Holidays

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