President Joe Biden’s inflation will delay the retirement of 25 percent of Americans, according to a survey by the BMO Real Financial Progress Index on Tuesday.
“As a result of inflation, 36% of Americans have reduced their savings and 21% have reduced their retirement savings. “A quarter of Americans need to delay their retirement,” he said.
“Young Americans are most impacted by the fact that more than 60% of people aged 18-34 say they need to cut back on their savings.”
The loss of a household’s net income changes the way Americans live. The survey showed that 80% of Americans need to change their shopping habits to offset Biden’s inflation:
- 42% change the way they shop for groceries. This includes choosing cheaper products, avoiding brand names, and buying only the essentials.
- 46% either eat out less or spend deliberately while eating out.
- 31% used fewer tools to offset rising gas prices.
- 23% spend on vacation or cancel vacation altogether.
- 22% use gym, cable, etc. He acts as if he is canceling their membership.
The BMO and Ipsos survey measures sentiment on financial confidence. 3,407 people aged 18 and over were included in the survey. From March 30 to April 25.
According to Bloomberg, inflation will cost US households an average of $5,200 in 2022, or an additional $433 per month.
On Monday, Biden launched an enterprise media PR campaign to defend his weakening stance on inflation policy. On Tuesday, Treasury Secretary Janet Yellen admitted at a news conference that she and the president could not accurately predict inflation to hit a 40-year high. In 2021, the White House said inflation was “temporary.”
On Wednesday, Biden blamed his aides for 40 years of inflation. Washington Post. “Biden has complained privately to senior White House officials about the administration’s oversight of inflation, expressing his frustration over the past few months that aides have not done enough to address the issue directly,” the publication said in the report.
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Source: Breitbart
