A new poll has found that inflation has impacted a majority of Americans, forcing them to cut back on their expenses, despite a stronger employment rate and a positive jobs report in the last few weeks.
While Americans think that the job market is okay and jobs have increased over the last year, they do not think the economy is doing well, according to a new CBS News poll.
The poll from CBS found that 56% of Americans rate the local job market as good, while 63% rate the national economy as bad. Inflation has been a leading factor in the opinions of Americans who base their feelings on experience.
Throughout the last year, the country has seen the highest rise in inflation in the previous four decades, and because of this, 66% of Americans said that higher prices have caused them to face difficulties or hardships.
At the same time, 26% of Americans said higher prices were only an inconvenience, while 8% reported not seeing any effect, according to the poll.
Inflation seems to have hit all facets of daily life, with prices rising not only at the grocery store but also at the pump.
The cost per gallon of gas hit an all-time high, beating out the prices seen following the 2008 recession, and has continued to sit above $4 for the last month.
A separate poll conducted by ABC News/Ipsos found that 71% of Americans said a "great deal" or a "good amount" of the fault behind rising gas prices is Putin's, while 68% point the finger at oil companies.
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However, President Joe Biden isn't in the clear as 65% of Americans think that he could be doing more to lower prices at the pump, according to the CBS poll.
Still, the White House has pointed to the number of jobs created to show a rebound in the economy still rocked from the COVID-19 pandemic.
But while lawmakers point to jobs created, people continue to focus on rising prices, resulting in negative ratings for the economy and how President Biden is handling it.
When it comes to why people view the economy as bad, 86% pointed to inflation, 82% said gas prices, 69% said product shortages, and 50% said they don't trust the Biden administration.
With the economy struggling, two-thirds of Americans have said they are cutting back on expenditures, but where are they making sacrifices?
Of those polled, 66% reported cutting back on entertainment and activities, 64% said they are driving less, and 54% said they are spending less on food and groceries.
According to the poll, the top issues that Americans think should be a high priority are the economy, inflation, crime, and the Russian war on Ukraine.
As the prices continue to go up across the board, President Biden continues to see his approval rating drop, with only 42% of Americans approving of the job he is doing, according to the poll.
The CBS News poll was conducted with YouGov, polling 2,062 adults between April 5-8, and has a margin of error of plus or minus 2.8 points.
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