In what has become an increasingly difficult economic climate under President Joe Biden’s administration, most Americans are opting out of summer vacations this year, primarily due to financial constraints.
A recent Fox News poll reveals that 55% of Americans will not be taking a summer break, with 73% citing insufficient funds as the key reason.
The economic pinch is felt across various sectors, with 72% of respondents indicating that higher prices are disrupting their summer plans.
While 15% say their relentless work schedules leave no room for leisure, the overwhelming majority point to economic hardships as the primary barrier.
This year’s figures mark a stark increase in financial woes compared to 2010, when only 51% of those skipping vacations cited economic reasons.
Today’s situation reflects a worsening economic trend that has made essential goods and services, including gas and groceries, significantly more expensive.
According to the poll, 84% of families report that gas prices are a pressing issue, and an even higher 89% are troubled by the soaring costs of groceries.
The Republican National Committee has quantified the impact, estimating that the average family in Wisconsin is now spending an additional $21,981 annually due to heightened living costs under the current administration.
Fast food chains such as Popeyes, Taco Bell, and Chipotle have reportedly increased their prices by at least 75% since Biden took office. A meal that includes a McDonald’s Big Mac, a medium beverage, and fries now costs up to $18 in some areas—up from $8 in 2018 during former President Donald Trump’s tenure.
Target, Walmart, and Amazon have slashed prices on 1,500 essential items.
The financial strain has led to more American families accruing credit card debt and facing increased delinquencies, findings from the New York Fed reveal.
The broader perception of the economy is also bleak, with 56% of Americans deeming it in a recession and 58% directly blaming President Biden for the economic downturn, as per a Harris/Guardian poll.
While the White House attributes the inflation surge to corporate price gouging and defends its massive spending packages and energy policies, many voters remain skeptical.
According to the same Harris/Guardian poll, while 81% of Democrats believe that “Bidenomics” will have a lasting positive impact, the broader sentiment reflects deep-seated concerns over rising inflation and its implications for the average American household.
This sentiment underscores the economy as a pivotal issue as we approach the 2024 elections.