Plurality of Americans Are Using Their Savings to Avoid Going Under

August 11, 2022

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At the start of this year, a decent amount of Americans shared optimism about their finances. However, repeated rises in inflation and interest rates significantly dampened this enthusiasm.

Dipping into savings accounts is just the start of

it, though. Many Americans are turning to other methods to make their dollars go further. In growing numbers of cases, this means less eating out/ordering in, reduced travel, and even sitting out events.

Worse times to come?

It’s only a matter of time before the Inflation Reduction Act becomes law. In spite of this bill’s name, it comes with massive tax hikes and federal spending, along with serious IRS beef-ups.

Conservatives warn this bill is a disaster that will worsen life for the middle-class. However, Democrats remain determined to get this bill into law.

Economists’ predictions, thus far, have inflation lasting for another several years. This means Americans should prepare themselves for higher costs into 2023 and possibly beyond.

Republicans remain adamant that the current state of the economy is why Americans will ultimately vote Democrats out of office in November.