The data currently reveals that 66% of the public sees inflation getting even higher. Only 21% of Americans see inflation decreasing, whereas 12% projected that inflation will remain where it stands today.
Inflation, today, remains higher than it’s been in 40 years. This is especially hitting Americans when they go to gas stations or grocery stores.
The Federal Reserve has been pushing up interest rates to cool down current inflation levels. However, this is far from a sure strategy.
As a matter of fact, multiple economists warn that what the Federal Reserve’s doing with interest rates may backfire and force the economy into a recession.
In spite of this, Joe Biden has shown support for the Federal Reserve’s repeat heightening of US interest rates.
As a result of inflation, many Americans have started making certain lifestyle changes to avoid going under financially.
Some of these changes involve reducing time spent driving and cutting back on purchases altogether. Certain folks are even cancelling their vacations, due to where gas prices currently stand.