70 Percent of Americans ‘Financially Stressed’ While Biden Admin Says Economy ‘Doing Very Well’

A recent poll conducted by CNBC revealed that 70% of Americans admit to being stressed about their personal finances. However, on the same day, Treasury Secretary Janet Yellen claimed that the US economy is “doing very well” during an interview with CNBC.

Yellen believes that the US economy is “very resilient” and that there are “no signs that merit serious concern” despite admitting that inflation rates are too high. This is not the first time Yellen’s predictions about financial matters have been wrong, as she has previously predicted that the United States would have “much lower inflation” in 2023, and in 2022, she predicted that the inflation rate would decrease. However, by June 2022, inflation had soared to a 40-year high of 9.1 percent.

The majority of Americans disagree with Yellen’s positive outlook. According to the same CNBC poll, an overwhelming majority of Americans blame President Joe Biden’s administration for their financial woes, citing inflation, economy-wide instability, rising interest rates, and lack of savings as the main contributors. Recent bank failures have also added to economic uncertainty, affecting every tax bracket.

At present, only 13% of adults are confident in America’s banking system. Even those with higher incomes, earning $100,000 or more, are under financial stress.