Key facts
- 95% of Americans believe the U.S. is experiencing an affordability crisis.
- Approximately half of all Democrats, Republicans, and independents struggle to afford groceries and gas.
- Two-thirds of Americans lack faith in the federal government's ability to address the cost-of-living crisis.
- Economic pessimism has risen sharply, with 57% of Americans believing the economy is worsening.
- Inflation has outpaced wage growth, with annual inflation at 4.2% and average hourly earnings decreasing by 0.7% year-over-year.
An exclusive poll reveals widespread belief among Americans that the U.S. is facing an affordability crisis, with nearly all respondents acknowledging the issue and a significant portion struggling to afford basic necessities like groceries and gas. The survey, conducted by Harris Poll for The Guardian, indicates a deepening economic pessimism, with 57% of Americans now believing the economy is worsening, a notable increase from February.
The affordability struggle transcends party lines, with roughly half of Democrats, Republicans, and independents reporting difficulties. Faith in the federal government's ability to resolve the cost-of-living crisis is low, with two-thirds of Americans expressing little confidence.
Economic sentiment among Republicans has soured considerably since February, particularly in rural areas, which have historically been a strong base for the party. This shift could pose challenges for the Republican party in the upcoming midterm elections.
President Trump's administration has navigated the affordability issue with a dual approach, at times denying its severity while also attempting to influence gas prices. Despite a drop in global oil benchmarks following a peace deal with Iran, U.S. gas prices have been slow to fall. Trump also reportedly dismissed a bipartisan housing bill as a low priority.
The poll also highlights concerns for Democrats, as a majority of independent voters who perceive an affordability crisis believe neither party offers a viable solution.
Discrepancies exist between the perceived job opportunities in local communities and official labor market data, which indicates a strong job market with consistent job growth. However, rising inflation has eroded wage gains over the past year. Many Americans are also struggling with debt, including student loans.