Federal Reserve Releases Shocking New Numbers: Americans’ Faith In Biden Economy Is Collapsing
New survey data from the Federal Reserve reveals that Americans’ faith in the US economy is collapsing under President Joe Biden.
The New York Federal Reserve’s monthly Survey of Consumer Expectations found that in May “inflation expectations… increased slightly at the medium- and longer-term horizons. Labor market expectations were mixed with expected earnings growth declining….”
It also found “households’ perceptions and expectations for credit conditions and their own financial situations all deteriorated slightly.”
“Perceptions about households’ current financial situations deteriorated in May with more respondents reporting being worse off than a year ago and fewer respondents reporting being better off,” the New York Fed reports.
“Similarly, year-ahead expectations deteriorated with fewer respondents expecting to be better off a year from now and more respondents expecting to be worse off,” the Fed added.
“This report, once again, shows that Americans don’t trust this President to get us out of his inflation crisis,” said House Budget Committee Chairman Jodey Arrington (R-TX).
“When workers tell Washington they don’t see the economic tides shifting anytime soon and that their finances are deteriorating under the scourge of high prices, we should listen,” said Arrington. “House Republicans are taking action to do just that with legislation to stop the reckless spending, let families keep more of their hard-earned dollars, and rein-in the regulatory overreach that leads to higher business costs and higher consumer prices.”
Arrington adds that the survey found:
- Americans expect inflation to practically remain unchanged a year from now.
- Taxpayers said financially they are worse off now than they were a year ago today, with 41.1 percent saying they are “somewhat worse off” or “much worse off” than they were this time last year.
- Dreams of homeownership remains out of reach for millions, as median home price growth expectations increased for the fourth consecutive month from 2.5% in April to 2.6% in May, its highest peak since July 2022.
Depression ahead?