A majority of Americans are telling poll takers that Bidenomics is causing them to make major changes in their spending habits for the holidays this year, and that they will be unable to spend as much as in years past. Many say they are putting in extra hours just to be able to afford the costs.
The news comes from Empower’s 2023 holiday spending report, according to Fox Business Network.
The report, taken among 1,003 Americans and split across four generations, found that 74 percent say that Bidenflation is causing serious problems for them this year, and 31 percent say they are having to work overtime to bring in enough cash to afford their holiday purchases.
The financial services company’s survey also found that 46 percent are skipping travel and using that money for holiday spending, while three in ten are cutting back on holiday traditions to save money.
“The survey shows that over a third (34%) are trimming their budgets in favor of saving this year, while others are cutting back on buying gifts or non-essential expenses like dining out to stay on track,” Empower spokesman Courtney Burrell told FBN.
“How you allocate your holiday budget will depend on what’s most important to you — this year, you may prioritize travel to visit family that you typically only see during the holidays over decorations or cut back on social commitments in order to give yourself a larger budget for holiday gifts,” Burrell added.
Thirty-seven percent said that they plan to spend no more than $250 on gifts, while only ten percent said they are budgeting $1,000 for gift giving.
A graphic on the Empower website adds that Americans have cut way back on travel expenses and less than half, (49 percent), intend to do much traveling for the holidays. Further, 46 percent said they are cutting out travel to save money. Thirty-two percent said they are not traveling because flight prices are too high, and 24 percent said that gas prices are too high.
“The holidays come with financial considerations, and this year, many will be especially mindful of their spending choices during these last months of 2023,” Empower concluded.
Do you believe Bidenomics is hurting Americans?
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Other reports found that Christmas tree prices have also soared this year.
Prices are up ten percent over prices from 2022, the National Christmas Tree Association and the American Christmas Tree Association reported at the end of November.
The Christmas season comes on the tail of a Thanksgiving that saw higher costs for Americans.
Thanksgiving dinner prices, for instance, were up more than 25 percent over the costs in 2019, according to data from the American Farm Bureau Federation.
The fixings for Thanksgiving cost $53.31 in 2019. But during the Biden era, the costs came to $64.05, the agency reported this year.
Let’s talk turkey. This year’s Thanksgiving feast for 10 will run you
$61.17—about $6 dollars per person, according to Farm Bureau’s #ThanksgivingSurvey. That’s a 4.5% decrease from last year, but a Thanksgiving meal is still 25% higher than in 2019.📰 https://t.co/gATnRarttk pic.twitter.com/pvnac5RC6I
— American Farm Bureau (@FarmBureau) November 15, 2023
According to the Bureau of Labor Statistics, inflation rose significantly in August. The rise marked the second month in a row that inflation rose, the agency reported in September.
Inflation also added to pressures on American household income, driving down median income an additional 2.3 percent in 2022.
Real median household income down 2.3% in 2022; poverty level and rate were flat Y/Y; supplemental poverty measure jumped 4.6 percentage points: pic.twitter.com/e30ns3jrBL
— E.J. Antoni, Ph.D. (@RealEJAntoni) September 12, 2023
It was also reported in October that U.S. household debt hit a new high as Americans struggle to stay afloat.
Household debt rose in the second quarter of 2023, to a collective amount of $17.06 trillion, with $1 trillion of that being credit card debt alone.
