A stark reality is beginning to come into clear focus. The American people are cutting back on most non-essential things according to a Morning Consult poll for CNBC.

This is bad news for local restaurants, bars, entertainment, groceries, vacation, travel, electronics clothing and more.

In other words, people are cutting back in everything that is not absolutely essential.

The poll referenced above indicates that 92 percent of Americans have already cut back on spending.

Additionally, 62 percent say that they will reduce their spending for even essential items for at least the next 6 months.

Core inflation has been stubborn and persistent for almost 3 years.

The fatigue that it has caused the American people is palpable.

Any savings that people amassed during the COVID-19 pandemic (with multiple government payments) is long gone.

The Vice President of The United States, Kamala Harris recently stated publicly that more than 70 percent of the American people do not have $ 400 on hand … in the event of an emergency.

Numerous surveys yield the result that more than 70 percent of the American people are living paycheck to paycheck.

Since Joe Biden became President of The United States, office, inflation has risen 16.9%.

Here are the results of where the American people have made budget cuts:

  • Clothing and apparel 63%
  • Restaurants and bars 62%
  • Entertainment outside of the home 56%
  • Groceries 54%
  • Recreational travel and vacations 53%
  • Electronics 50%

Additionally, credit card debt in America has surpassed $ 1 trillion for the first time in American history.

Student loans and parent plus school loans have also topped $ 1 trillion and these expensive payments officially resume on October 1, 2023.

There is a “perfect” economic storm brewing.

SOURCE: CNBC - Morning Consult Poll (September 12-14, 2023).

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