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70% of Americans Say Inflation is a ‘A Very Big Problem’ Dwarfing Other Issues

© AP Photo / Jenny KaneIn this Aug. 11, 2019 file photo, U.S. currency and credit cards sit on a table at a restaurant in New Orleans.
In this Aug. 11, 2019 file photo, U.S. currency and credit cards sit on a table at a restaurant in New Orleans. - Sputnik International, 1920, 16.05.2022
Americans have been dealing with a triple-whammy of rising gas prices, food prices, and housing costs. Rampant inflation has seen nearly everything increase in price and forced households to spend even more to make ends meet.
Inflation is by far the issue most Americans are concerned with, and no other issue even comes close, according to a new survey from Pew Research.
70% of Americans said inflation is “a very big problem,” with healthcare affordability at 55% being the next. Only 19% of Americans cited the coronavirus as a major issue, down from nearly 60% two years ago.
The results come as the White House is attempting to deal with inflation levels higher than they have been in decades. Products were 8.3% more expensive in April than they were a year ago, down slightly from 8.5% in March but still much higher than the norm, which is usually around 2%.
US CEO of Amazon Jeff Bezos attends an Action on Forests and Land Use session, during the COP26 UN Climate Change Conference in Glasgow, Scotland on November 2, 2021. - Sputnik International, 1920, 14.05.2022
Bezos Urges Disinformation Board to Investigate Biden Inflation Tweet
The last time Americans dealt with inflation this high was in the early 1980s. American households are spending an average of $341 more per month.
Fixing it will not be easy, Federal Reserve Chairman Jerome Powell warned last week that a so-called “soft landing” cannot be guaranteed. Ideally, inflation will be curbed without hurting the labor market, but Powell is not sure if that can be accomplished.
“A soft landing is, is really just getting back to 2% inflation while keeping the labor market strong. And it’s quite challenging to accomplish that right now, for a couple of reasons,” Powell told Marketplace.
The Fed has already increased interest rates by a quarter point in March and approved a half point increase in May, which will be the largest increase in twenty years. The Fed will also reduce bond holdings next month.
Meanwhile, voters are putting much of the blame on President Biden. His poll numbers continue to fall: a Rasmussen Reports poll taken last week said that 56% of likely voters disapprove of the president’s job performance.
Powell says they are working to get prices stabilized again.
“I will also say that the process of getting inflation down to 2% will also include some pain, but ultimately the most painful thing would be if we were to fail to deal with it,” Powell stated.
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