Americans are struggling financially, grappling with debt and the rising cost of living, and are blaming the Trump administration and corporate interests for worsening economic outlooks for working families, according to a new poll.
Six out of 10 Americans place blame on the Trump administration for driving up their cost of living, according to a poll conducted by Morning Consult for the Century Foundation, which asked 2,007 Americans how they are managing the high cost of living in the US economy, who they think is to blame and what are the solutions.
Sixty three per cent said Trump had had a negative impact on grocery prices, and 61% said he had had a negative impact on the cost of living. Nearly half, 49%, said the Trump administration had had a negative impact on their finances. Nearly eight out of 10 Americans, including 70% of Republicans, fear that Trump’s tariffs will increase the price of everyday goods.
“Donald Trump has simultaneously raised prices on everyday goods through a reckless approach to tariffs, a decimation of programs that help Americans afford healthcare, education, food and childcare, and then kneecapping federal regulators who keep banks and other big businesses from swindling consumers,” said Julie Margetta Morgan, president of the Century Foundation.
“This has created an alarming set of market conditions. Americans are left on their own to face high prices and low earnings, are building their own safety nets from a web of financial products, credit cards, buy now, pay later loans, payday loans and student debt, and companies have been given the green light to manipulate these products to boost their own profits without having to worry about following the law.”
According to the poll, more than six out of 10 Americans said it had become more difficult to find a good paying job, buy a home and afford childcare.
More than four out of five Americans, 83%, said they were concerned about the cost of groceries, with 46% saying they were very concerned. Some 47% said they were worried about being able to pay their rent or mortgage, 64% said they were worried about affording an unexpected medical expense.
About 48% said they believed they would have trouble affording an unexpected $500 bill without borrowing. One in four said it would be “very difficult”.
A quarter of those surveyed said they spent at least three hours a day worrying about their finances and ability to afford basic necessities. Another 25% of respondents said they or someone in their household had skipped meals in the past year in order to make ends meet, and 26% said they had fallen behind on their monthly bills over the past year.
Americans also fear things are getting worse economically, with 76% of those polled saying they fear a looming economic recession.
Corporations and billionaires were seen as a big factor behind this financial anxiety, with 51% saying they believe corporations have had an active role in making life more difficult for average people over the past 25 years, and 52% saying billionaires have made life tougher.
Half of those polled also believe congressional Republicans have made life more difficult, with 41% believing Democrats have made life more difficult.
“Millions of Americans, across parties, across backgrounds, are deeply anxious, and they’re struggling to afford basics like housing and health care. Donald Trump is making these struggles worse,” said Rachel West, senior fellow at the Century Foundation.
“Americans believe the outsized influence of corporations and the wealthy has made their lives harder, and the risks they’re taking to cope with high costs like taking on debt and tapping into their savings should sound an alarm for policymakers.”
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