According to a recent CBS News poll, a majority of Americans express concerns about their standard of living in comparison to that of their parents. The findings reveal that 46 percent of respondents believe their standard of living is worse than that of their parents, while 33 percent believe it’s better, and 21 percent feel it’s about the same.
The survey highlights that millennials and members of Generation X are more likely to report a decrease in their standard of living compared to their parents. Specifically, 51 percent of those aged 30 to 64, 40 percent of those 65 and older, and 39 percent of those in the 18 to 29 age group expressed that their standard of living has declined relative to their parents.
When questioned about the most challenging economic period in the United States, 39 percent of respondents cited the COVID-19 shutdowns as the worst. In contrast, 22 percent considered the current economic situation following the pandemic as the most difficult, while 17 percent mentioned the 2008 financial crisis, and 8 percent referred to the inflation and gas shortages of the 1970s.
Despite several positive economic indicators suggesting an upward trend, the poll indicates a prevailing pessimistic sentiment among Americans regarding the economy. When asked if their income is keeping pace with inflation, only 24 percent answered affirmatively, while a significant 76 percent felt their income wasn’t keeping up.
Furthermore, the majority of respondents, 62 percent, described the state of the economy as “bad,” with only 34 percent characterizing it as “good.” Additionally, 27 percent of those surveyed identified inflation as the most pressing issue facing the United States.
Conducted from December 6 to 8, the poll included 2,144 adult participants and has a margin of error of 2.8 percentage points. These findings shed light on the prevailing economic concerns and sentiments among the American populace.
Mittens is a sore loser.