President Joe Biden has been promoting his economic plan, known as “Bidenomics,” and asserting that his policies have improved the lives of Americans. However, according to Empower’s 2023 holiday spending report, which surveyed 1,000 individuals, a significant 74 percent of respondents mentioned that inflation has led them to reduce their spending during this holiday season. Additionally, 31 percent stated that they are working more hours or taking on extra jobs to meet the financial demands of the holidays, as reported by Fox Business.
“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 representative Courtney Burrell said to Fox Business.
“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,” she said.
“Thirty-seven percent of respondents said they plan to spend less than $250 on gifts this year, and more than one in 10 told Empower they are budgeting more than $1,000,” the report said.
Nevertheless, despite concerns about spending less due to inflation, recent data indicates that people are actively participating in holiday shopping. The Thanksgiving weekend saw record-breaking shopping figures, and overall, holiday shopping is anticipated to set new records.
“However, the spending spree comes as U.S. consumers are already carrying record levels of credit card debt, and some experts are concerned a potential crisis is brewing as the balances rack up, and more people find themselves unable to pay them back – especially at today’s high interest rates,” Fox Business reported.
In October, a significant blow to the president’s economic approval came to light. According to a poll conducted in four crucial swing states—Wisconsin, Arizona, Georgia, and North Carolina—only 39 percent of voters expressed confidence in the president’s ability to manage the economy, as reported by RealClearPolitics.
Steve Cortes, the chairman and founder of the League of American Workers, emphasized in a column on the website that the economy was a primary factor influencing the 77 percent of surveyed voters who believed the nation is on the wrong track. Additionally, of the 39 percent who viewed the president favorably in handling the economy, a mere 9 percent expressed “strong approval.”
“So, despite the propaganda of media apologists and cherry-picking of a small set of data points that appear temporarily uplifting, voters clearly understand their tough economic slog and place blame squarely upon Biden and his allies,” the author said.
“In fact, in separate polling from Gallup going back seven decades, Republicans have never before enjoyed a larger edge on the primary issue of the day, the economy. Combining that survey with this new LAW poll in battleground states, the harsh reality of economic anxiety becomes clearer, especially for citizens of modest means,” he said.
“Our new poll revealed, for example, just how worried workers are about the erosion of their earning power and their subsequent inability to pay soaring housing costs for rents or mortgages.
“In these four states, fully 39% of voters said that ‘Income Erosion’ was a top concern regarding the effects of systemic, punishing inflation. Americans work harder to afford less, as evidenced by the crushing 24 straight months of declining real wages under Biden, meaning pay adjusted for the costs of the goods and services of life,” he said.