Majority of Americans Say They Are Worse Off Today Than a Year Ago

[mystery-ak]

Majority of Americans Say They Are Worse Off Today Than a Year Ago

John Carney 11 Jul 2022

More than half of Americans say they are financially worse off than they were a year ago, a survey released Monday by the Federal Reserve Bank of New York showed.

The New York Fed’s Survey of Consumer Expectations found that 36.1 percent of respondents said they were financially somewhat worse off than a year ago, up from 32.8 in May and 19.9 percent a year ago. Another 15.2 percent said they are much worse off than a year ago, u from 13 percent in May and 3.9 percent a year ago.

In total, 51.3 percent say they are worse off. That’s the first time in the history of the survey, which goes back to 2014, that a majority have said they are worse off.

Households have also become gloomier about the future. The share of people who say they expect to be much worse off financially a year from now rose to 13.6 percent, up from 10.8 percent in May and 4.6 percent a year ago. The share who expect to be somewhat worse off rose to 31.1 percent from 28.6 percent in May and 16.3 percent a year ago.

The survey also found that year ahead inflation expectations increased while expectations for the longer term decreased. Median one-year-ahead inflation expectations had consumers forecasting 6.8 percent price increases, up from 6.6 percent in May. That marks a new series high. The increase in short-term expectations was driven by respondents over age 60 and respondents with at least some college education, according to the New York Fed.

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https://www.breitbart.com/economy/2022/07/11/majority-of-americans-say-they-are-worse-off-today-than-a-year-ago/

[libertybele]

I don't know of anyone that is better off than a year ago; perhaps our politicians.

[roamer_1]

I don't know of anyone that is better off than a year ago; perhaps our politicians.

I am probably better off... Not by much, considering that I can't really give a confirmed positive... And it ain't saying much considering the crater I am crawling out of due to Covid.

The pooter gig is crawling back, oh so very slowly... And the side hustles are probably a bit more lively - Second hand cars are worth a bit more, but cost a bit more to fix, so it's touchy, but probably a little better... Though all it would take is a miss on one to destroy whatever gains I might have. So far, I have not missed.

Smalls are moving better. And providing I can find the parts the price is a little better at sale. And busted smalls are always about free, so a larger margin makes for more seed money at the least.

But all that is really taking advantage of the downturn. Playing the downside after a fashion. The reason the market is better is that folks are buying used and repaired because they can't find or afford new.