Seventy-one percent of employees are poorer under the weight of President Joe Biden’s inflation, up from 58 percent in February, a Bank of America-sponsored survey shows.
The poll, revealed by CNN on Tuesday, sampled individuals in July who have 401(k) plans. Half of those sampled said they had taken measures to “cope” with Biden’s soaring prices in the last six months. Sixty-two percent said they are “stressed” about their personal finances despite being employees.
From year to date, consumer prices soared 8.3 percent in August, the Bureau of Labor Statistics revealed in September. In June, infl ation reached a 40-year-high at 9.1 percent, just above August’s numbers. The price of food at home jumped 0.7 percent compared with the previous month. Over the past 12 months, grocery prices have gone up 13.5 percent.
Biden’s inflation, fueled by massive spending and arbitrarily placed constraints on the economy during the pandemic, is not just impacting low-income families. The poll found only 44 percent of employees believe they are financially well off under Biden’s leadership, down from 57 percent in February…. (Read more)