BIDEN ECONOMY: Many Americans Are Cutting Back This Year for the Holidays

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Thanks to Joe Biden, inflation is off the charts, and Americans are feeling it.  

Americans this year are cutting back due to the Biden economy.

Bloomberg writes:

The gift that no one wants but everyone is getting this year? Inflation.

Higher prices are hitting shoppers hard as 2022 comes to a close. That’s taking the joy out of gift-giving for a majority of Americans, according to a new survey from the Harris Poll commissioned by Bloomberg News.

Inflation surged to a 40-year high this year, while wages struggled to keep up. Americans are cutting back on their holiday spending as a result. About 60% of respondents said they plan to buy fewer gifts and to purchase gifts for fewer people. A similar percentage are cutting back on holiday travel.

Meanwhile, more than one-third have decided to skip gift-giving altogether due to the costs.

TGP has reported on the horrible Biden economy for more than a year.  Inflation is off the charts.

FOX News is reporting the same:

As Americans face record-high inflation and recession fears, many are cutting back on short- and long-term savings, according to a recent survey by Morgan Stanley at Work.

Inflation caused 62% of workers to reduce their contributions to savings, according to the Financial Benefits survey. Nearly one-third (31%) said they decreased contributions to their 401(k)s, while 26% said they have cut back on paying down debt.

In addition, 24% of American workers are dialing back on the contributions to emergency savings, while 13% are cutting back on their contributions to college savings funds and 19% are reducing contributions to health savings accounts (HSA).

Americans are resorting to second jobs to get by this year.  Any increase in jobs in government statistics is in lower-paying second jobs.

BIDEN ECONOMY: With Inflation at 40-Year Highs, 4.5 Million Americans Turn to Second Job

We’re in a recession and Americans know it.  

The post BIDEN ECONOMY: Many Americans Are Cutting Back This Year for the Holidays appeared first on The Gateway Pundit.

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