Goodbye, Stimulus: Nearly Half of All Americans Are Now Financially Insecure.

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The White House and Congress acted quickly to approve three stimulus checks and increased child tax credit payments in order to mitigate the pandemic’s economic impact.

There is no doubt that promptly distributing these funds aided cash-strapped Americans during the healthcare crisis. According to CNBC, “many people would still be struggling financially” if a comparable “incident” occurred now. The Bipartisan Policy Center, the group Funding Our Future, and Morning Consult conducted a new poll that produced these findings.

Given the abolition of these government-issued direct transfers, the survey discovered that 42% of employed Americans are either extremely or somewhat financially insecure. Additionally, 24% of respondents do not have money set aside for an unexpected bill.

According to the study, a third of working adults express concern about their ability to pay a $400 emergency bill, while 8% say they would be unable to pay it at all.

Stimulus Check

 

According to the poll, nearly half of working adults have struggled to pay off debt in the last year, with 46% citing difficulty paying utilities and telecom bills, 44% citing difficulty paying rent or mortgage payments, and 42% citing difficulty paying credit card bills.

Other surveys and polls indicate that Americans are financially struggling as a result of rising inflationary pressures across the country, with the inflation rate recently reaching an all-time high of 8.5 percent.

According to a Salary Finance survey, more than 75% of employed Americans believe that rising inflation had a negative effect on their finances in the previous year. Indeed, roughly 20% of respondents admitted to frequently running out of money between paychecks, up from 15% last year.

According to a recent Moody’s Analytics study, the average American household pays $327 per month for the high-inflationary environment. This is approximately $30 more per month than the previous estimate of $296. The study comes on the heels of another forecast from Bloomberg economists, who claim that inflation will cost the average American household $5,200 this year. When broken down, this equates to an additional $433 in monthly expenses.

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Additionally, there is growing concern that the worst-case scenario may yet occur. According to a Bankrate poll, 53% of economists believe inflation will likely accelerate in the next 12 to 18 months.

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