A recent poll has shown that the majority of Americans believe that their financial situation is worsening amid rising inflation and mounting fears of a looming economic recession.
According to the Harvard CAPS/Harris Poll survey shared exclusively with The Hill on Tuesday, 56 percent of the participants in the poll said that, financially, things were “getting worse” for them.
This is the highest percentage on record for the poll indicating overall anguish in US society.
Last month 48 percent reported that their financial situations were weakening, showing an eight percent rise.
The poll also found that only 20 percent of respondents expected their financial situation to improve.
“This is a devastating finding that has been climbing month after month — no matter how they are actually doing, a solid majority believes now they are becoming worse off economically and that is America’s most critical read on the mood of the voters,” Mark Penn, the co-director of the Harvard CAPS/Harris Poll, said.
Americans' loss of hope in the future comes as the country continues to face the highest rate of inflation in decades.
Over eight percent rise in consumer prices in April compared with a year earlier showed the fastest increase in roughly 40 years.
At the same time, gas prices have risen significantly.
The national average price of gasoline reached $4.59 per gallon on Tuesday, marking the highest recorded average to date.