Sen. Tom Cotton said now is not the time for President Joe Biden's new deficit spending. | Facebook
Sen. Tom Cotton said now is not the time for President Joe Biden's new deficit spending. | Facebook
New data shows that the vast majority of Americans are concerned about inflation and are consistently increasing their inflation expectations.
A recent survey conducted by consumer research firm CivicScience shows that approximately 87% of U.S. adults are at least "somewhat concerned" about the continuing rising cost of common household goods and expenses.
"As prices continue to rise and concern over inflation grows, now is the wrong time for President Biden’s trillions in new deficit spending," Sen. Tom Cotton wrote in an April 23 Facebook post.
Approximately 27% of American households surveyed report that they are buying less because of rising costs. The problem is especially significant for lower-income households with 33% of households earning $50,000 a year or less reporting decreased spending, AXIOS reported.
The issue is not yet a major concern for the economy, but could soon become a much larger problem once stimulus payments are spent and government COVID-19 recovery assistance provisions including enhanced unemployment, mortgage forbearance and eviction moratoriums inevitably expire.
As the economy recovers and the price hikes incurred in 2020 begin to show signs of staying in place at least for the time being, Americans financially impacted by the pandemic will fall farther behind, AXIOS reported.
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