Is This The End Of Financial Stability?
This is very concerning.
According to a recent CNBC Your Money Financial Confidence survey, released on Tuesday, a staggering 70% of Americans are experiencing financial stress in the current era of President Joe Biden.
It’s important to remember just how massive of a number 70% is when it comes to Americans feeling financial stress.
According to Breitbart, the primary cause of their financial strain, as cited by 60% of those surveyed, was inflation, which has been intensified by Biden’s assault on American energy.
Bloomberg reports that the 40-year-high inflation under President Biden’s administration is resulting in an additional cost of $5,200 for American households in 2022, or approximately $433 per month on average.
36% of participants attributed their financial stress to rising interest rates. The Federal Reserve has been raising interest rates since March in order to curb inflation, a move that has drawn conjecture from financial analysts as the central bank strives to maintain a balance between curbing inflation and ensuring banking system stability.
Over the past year, the interest rate hikes have adversely affected banks and contributed to the public’s economic apprehension.
The pollsters further noted, “The recent failures of Silicon Valley Bank and Signature Bank and worries about the health of the U.S. financial system add to the uncertainty. Only 13% of adults said they are very confident in America’s banking system. About a third said the recent banking crisis made them much more concerned about their own financial security, and 42% said it made them somewhat more concerned.”
