83% of Americans Cutting Back on Personal Spending Due to Inflation

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The vast majority of Americans are cutting back on their spending because of rising inflation, according to new survey data.

Provident Bank based in New Jersey released the report, which found that roughly 83% of those surveyed have cut back on personal spending due to inflation, with about 23% saying they have made “drastic changes” to their spending.

The poll found that 10.5% of those surveyed reported “eliminating all non-essential purchases” and 71.7% reported they have “made at least some changes to personal travel habits.”

Many Americans are struggling to purchase basic necessities as gas prices hit record highs earlier this month. According to AAA, prices topped $5 per gallon before dipping down slightly in recent days.

“In addition to gasoline, groceries, and clothing, respondents named baby products, meat, utilities, household goods, milk, and alcohol as adding the most to their monthly bills,” the group added.

The cutback in spending comes as consumer prices have risen at the fastest pace in four decades and the producer price index saw a 10.8% increase in the past year.

“While some consumers have cut back on some non-essential spending, like dining out and unnecessary travel, others reported much more drastic changes such as skipping meals, conserving water, and eliminating meat from their diets,” the group said. “People are feeling an immense amount of financial pressure right now.”

The report surveyed 600 U.S. adults.

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This article was published by The Center Square and is reproduced with permission.

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The $739 billion Inflation Reduction Act of 2022 being pushed through the U.S. Senate to be passed by reconciliation (50 votes plus the Vice President) before the upcoming August recess is a threat to America’s economy and the well-being of all Americans. The article above makes clear that Senator Kyrsten Sinema is the one Democrat vote that America is looking at. She alone can stop this legislation. Please contact her at her office locations in Washington, D.C. and in Arizona by phone and letter. Click the red TAKE ACTION link below for Senator Sinema’s contact information.

Although Senator Mark Kelly is a do-as -Chuck Schumer- tells-you-to-do partisan shill, contacting him may be helpful given his significant vulnerability in the November general election. His contact information is also found at the TAKE ACTION link below. We suggest that copying him on your letter to Senator Sinema may possibly have some impact on his voting behavior. Calling his office is also important – the staffs do score the relative positions of constituents and this too may influence the voting behavior.

 

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