by Bill Wilson
A new survey reveals inflation is still the primary concern for Americans by a wide margin, and the public is beginning to turn on big government and recognize government spending and globalism as the culprits behind a dwindling standard of living.
This comes at a time when the country is poised to choose between another four years of excessive spending and an evaporating middle-class or return to an America First philosophy that strengthens the middle-class and structures international policy in our favor.
A new YouGov survey shows Americans are feeling the burden of crippling inflation, stagnant wages, and a sputtering economy, with majorities of voters saying their generation is worse off than their parents and that inflation and energy costs are their top concerns.
By a greater than three to one margin (76% to 24%) Americans say their income is not keeping up with inflation, and Americans say by a thirteen-percentage point margin (46% to 33%) they are doing worse than previous generations.
This view is particularly pervasive among older Millennials and Gen X voters, with those aged 30 to 44 saying by a twenty-point margin (49% to 29%) their economic situation is worse than that of previous generations. Voters aged 45 to 64 say by a twenty-five-point margin (52% to 27%) that their standard of living is worse than that of their parents. Non-college voters are also significantly more likely to say their living standard has declined compared to their parents. Non-college Americans say by twenty-nine points (55% to 26%) they are worse off than their parents were.
By a huge margin Americans say the shutdowns during the covid-19 pandemic and the current post-shutdown period are the most difficult times in economic history since the 1970s. Sixty-one percent of Americans agree the worst economies in modern history have taken place in the past three years, while a much smaller sliver (17%) say the housing crash of 2008 was worse and an even smaller share (8%) say gas shortages and inflation in the 1970s were worse.
Notably, older voters, who have lived through significantly more economic fluctuations, view the covid-19 shutdown period as the worst economic period in modern history by wider margins than younger voters. A full 71% of Americans over 65 say the shutdowns during covid and the post-pandemic period have been the worst in modern history, while 50% of Gen Z, 58% of Millennials, and 64% of Gen X agree.
What is more, a growing share of Americans recognize the corrupt globalist machine that has destroyed the value of the dollar and depleted their savings while driving up consumer prices. Americans say the top reason for crippling inflation plaguing the United States is government spending devaluing the U.S. dollar, with 56% of the public citing government spending as the cause of inflation. Americans say other factors driving up inflation include companies overcharging for products and services (50%), global and international factors (44%), and supply chain and manufacturing issues (42%).
Notably, younger voters view inflation as highly correlated to global affairs, with 52% of Gen Z and 54% of Millennials and younger Gen X voters saying inflation is caused by global issues compared to 45% of older Gen X voters and 41% of Boomers. This translates to double-digit difference between how younger and older voters view global issues impacting inflation.
Older voters tend to view government spending as a larger contributor to rising inflation than younger generations, with 62% of Boomers and 58% of older Gen X voters compared to 57% of Millennials and younger Gen X voters and 44% of Gen Z saying government spending is a cause of inflation. This translates to an eighteen-point difference between how Gen Z and Boomers view government spending impacting inflation.
While there are generational deviations between how the public views issues impacting inflation, Americans are largely united in citing government spending, global issues, and corporations overcharging for the rising cost of living.
All these factors compound when Americans are asked how they view the Biden Administration’s responses to skyrocketing consumer prices and stagnant wages. Americans disapprove of President Joe Biden’s handling of inflation by thirty points (70% to 30%), with even 40% of Democrats saying they disapprove of how Biden is handling inflation. When asked about the Build Back Better Act, introduced in the 117th Congress to implement parts of Biden’s plan, a majority of Americans (40%) say they have not heard of the plan, while 32% say the plan was good and 28% said it was bad.
In addition, most Americans (44%) say they have not heard of Biden’s American Rescue Plan, while 34% say the plan was good and 22% say it was bad. Americans have little knowledge of the economic policies the Biden Administration has offered up, and among those who do have knowledge views are split. However, Americans largely view Biden’s economic policies as insufficient and destructive.
Americans largely believe their generation has a lower standard of living than their parents had, and three-quarters of families say their wages have not kept up with inflation. In addition, Americans are largely unaware of the economic programs the Biden Administration has attempted to implement and understand that excessive government spending is unsustainable and destroying our quality of life. In addition, a vast share of the public blames excessive government spending and globalist issues for inflation, indicating an increased appetite for fiscal responsibility and an America First set of priorities in the next election.
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Bill Wilson is the former president of Americans for Limited Government.
