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Tags: Biden Administration | inflation | skynova | economy | rising | prices

Skynova Poll: 88 Percent Fear Rising Inflation Under Biden

Skynova Poll: 88 Percent Fear Rising Inflation Under Biden
(Steve Woods/Dreamstime.com)

By    |   Thursday, 15 July 2021 03:49 PM

Americans in a new Skynova poll were nearly unanimous in fearing inflation rates under President Joe Biden, amid #Bidenflation trending on social media, the Washington Examiner reported.

Not only do 88% of Americans polled fear inflation is here to stay and will soar more, but Skynova found 14% see inflation as the most important issue, 37% as an issue more important than many others, and another 37% of at least average importance. Just 2% in the poll considered inflation "one of the least important issues."

"Most respondents were familiar with the concept of inflation, and based on their knowledge, the majority expected price levels to rise in the short term," Skynova wrote in the analysis of the results, according to the Examiner.

"Compared to other societal issues like politics, inflation was agreed to be a relatively important topic to consider in all cases."

Americans are paying 45% more for gas, 5.6% more for milk, and 8.4% more for bacon, according to The Washington Post economics correspondent Heather Long's tweeted list of "the items really driving up inflation":

  • Car rental 87.7% (y/y change)
  • Used cars 45.2%
  • Gas 45.1%
  • Laundry machines 29.4%
  • Airfare 24.6%
  • Moving 17.3%
  • Hotels 16.9%
  • Furniture 8.6%
  • Bacon 8.4%
  • TVs 7.6%
  • Fruit 7.3%
  • Shoes 6.5%
  • Fresh fish 6.4%
  • New cars 5.3%
  • Milk 5.6%
  • Rent (OER) 2.3%

The Examiner, citing data from Statista's research department, showed inflation at 5.4% currently and staying at least 2.5% through 2024 and "tapering off" by 2026.

Back to the Skynova poll, 61% said inflation will hurt them, particularly impacting the elderly, young and middle-income families, according to the Examiner.

The poll comes as Democrats have announced a $3.5 trillion spending package that they have structured to pass solely with 50 Democrat votes through budget reconciliation in the Senate.

That spending is on top of $1.2 trillion for infrastructure in what was sold as a bipartisan deal, but Biden noted he will not sign unless the budgetary spending package comes to his desk at the same time.

The Republicans are wary of the totals, but even more concerned that Democrats announced they will pay for the spending bill through raising taxes, including hiking the corporate tax rate from the Trump administration level of 21% to 28%.

Skynova polled 1,040 American adults. Neither the date of the poll nor the margin of error were provided.

© 2021 Newsmax. All rights reserved.


Politics
Americans in a new Skynova poll were near unanimous in fearing inflation rates under President Joe Biden, amid #Bidenflation trending on social media, the Washington Examiner reported. Not only do 88% of Americans polled fear inflation is here to stay and will soar more, but...
inflation, skynova, economy, rising, prices
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2021-49-15
Thursday, 15 July 2021 03:49 PM
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