{"id":1517607,"date":"2022-06-15T16:05:06","date_gmt":"2022-06-15T20:05:06","guid":{"rendered":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/?p=1517607"},"modified":"2022-06-15T16:05:08","modified_gmt":"2022-06-15T20:05:08","slug":"two-thirds-of-americans-say-bidenflation-is-eating-through-their-savings","status":"publish","type":"post","link":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/two-thirds-of-americans-say-bidenflation-is-eating-through-their-savings\/","title":{"rendered":"Two-Thirds of Americans Say Bidenflation Is Eating Through Their Savings"},"content":{"rendered":"<aside class=\"mashsb-container mashsb-main mashsb-stretched\"><div class=\"mashsb-box\"><div class=\"mashsb-count mash-medium\" style=\"&quot;\"><div class=\"counts mashsbcount\">20<\/div><span class=\"mashsb-sharetext\">SHARES<\/span><\/div><div class=\"mashsb-buttons\"><a class=\"mashicon-facebook mash-medium mash-nomargin mashsb-noshadow\" href=\"https:\/\/www.facebook.com\/sharer.php?u=https%3A%2F%2Fwww.conservativenewsdaily.net%2Fbreaking-news%2Ftwo-thirds-of-americans-say-bidenflation-is-eating-through-their-savings%2F\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Facebook<\/span><\/a><a class=\"mashicon-twitter mash-medium mash-nomargin mashsb-noshadow\" href=\"https:\/\/twitter.com\/intent\/tweet?text=&amp;url=https:\/\/www.conservativenewsdaily.net\/breaking-news\/?p=1517607&amp;via=ConservNewsDly\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Twitter<\/span><\/a><a class=\"mashicon-subscribe mash-medium mash-nomargin mashsb-noshadow\" href=\"#\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Subscribe<\/span><\/a><div class=\"onoffswitch2 mash-medium mashsb-noshadow\" style=\"display:none\"><\/div><\/div>\n            <\/div>\n                <div style=\"clear:both\"><\/div><\/aside>\n            <!-- Share buttons by mashshare.net - Version: 4.0.47--><div><\/div>\n<p>Two-thirds of Americans say inflation is forcing them to stop saving and dip into their reserves, a Monday <a href=\"https:\/\/www.forbes.com\/advisor\/banking\/survey-savings-and-inflation\/\"><em>Forbes<\/em> survey<\/a> showed.<\/p>\n<p>Under the Biden administration, rising prices have caused 67 percent of Americans to take money out of their savings accounts. Americans had saved around $2.5 trillion during the COVID-19 pandemic. Higher consumer prices and lower wages have caused 36 percent to spend a small amount from their savings, 23 percent to substantially deplete their savings, and 8 percent to completely drain their savings.<\/p>\n<p>As <a href=\"https:\/\/freebeacon.com\/latest-news\/stock-market-plunges-as-inflation-fears-soar\/\" target=\"_blank\" rel=\"noopener\">fears of an impending recession<\/a> rise, nearly three-quarters of Americans say the Biden administration has mishandled the <a href=\"https:\/\/www.nationalreview.com\/news\/poll-nearly-three-quarters-of-americans-disapprove-of-bidens-handling-of-inflation\/\" target=\"_blank\" rel=\"noopener\">economic crisis<\/a>. Inflation has reached a 40-year high, and gas prices have surpassed $5 for the first time in history. Some economists have attributed the rise in the cost of goods and services to the White House&#8217;s $2 trillion American Rescue Plan. In June, former Obama economic adviser <a href=\"https:\/\/freebeacon.com\/biden-administration\/watch-obama-adviser-says-were-all-paying-the-price-for-bidenflation\/\" target=\"_blank\" rel=\"noopener\">Steve Rattner<\/a> blamed President Joe Biden&#8217;s decision to greenlight stimulus spending for the inflation.<\/p>\n<p>&#8220;We&#8217;re all paying the price for having overstimulated this economy during the pandemic and putting too much money into people&#8217;s pockets, which created a lot of this inflation,&#8221; Rattner told NBC News. &#8220;There&#8217;s no free lunch, and we&#8217;re all going to have to pay the price.&#8221;<\/p>\n<p>Inflation has hit young people particularly hard. Around a quarter of Americans under the age of 42 have spent a significant portion of their saved income, according to <em>Forbes<\/em>.<\/p>\n<p>The personal savings rate in April hit its lowest level since 2008, according to a Bureau of Economic Analysis <a href=\"https:\/\/www.marketwatch.com\/picks\/the-personal-savings-rate-in-america-just-hit-its-lowest-level-since-the-great-recession-even-as-rates-on-savings-accounts-have-risen-what-gives-01654533975\" target=\"_blank\" rel=\"noopener\">report<\/a>.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Two-thirds of Americans say inflation is forcing them to stop saving and dip into their reserves, a Monday Forbes survey showed. Under the Biden administration, rising prices have caused 67<\/p>\n","protected":false},"author":835,"featured_media":2315279,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_mo_disable_npp":"","fifu_image_url":"","fifu_image_alt":"","footnotes":""},"categories":[],"tags":[],"class_list":["post-1517607","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry"],"_links":{"self":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/1517607","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/users\/835"}],"replies":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/comments?post=1517607"}],"version-history":[{"count":0,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/1517607\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media\/2315279"}],"wp:attachment":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media?parent=1517607"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/categories?post=1517607"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/tags?post=1517607"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}