Two-Thirds of Americans Say Bidenflation Is Eating Through Their Savings

Two-thirds of Americans say inflation is forcing them to stop saving and dip into their reserves, a Monday Forbes survey showed.

Under the Biden administration, rising prices have caused 67 percent of Americans to take money out of their savings accounts. Americans had saved around $2.5 trillion during the COVID-19 pandemic. Higher consumer prices and lower wages have caused 36 percent to spend a small amount from their savings, 23 percent to substantially deplete their savings, and 8 percent to completely drain their savings.

As fears of an impending recession rise, nearly three-quarters of Americans say the Biden administration has mishandled the economic crisis. Inflation has reached a 40-year high, and gas prices have surpassed $5 for the first time in history. Some economists have attributed the rise in the cost of goods and services to the White House's $2 trillion American Rescue Plan. In June, former Obama economic adviser Steve Rattner blamed President Joe Biden's decision to greenlight stimulus spending for the inflation.