Keystone Today

New data has shown that with high inflation, American households are reporting that they are having more trouble paying their bills now than during the peak of the COVID-19 pandemic.

According to a report by yahoo.com, survey results show there is a major increase in financial stress in all of the country’s major cities. In Philadelphia, respondents to the survey show that their difficulty paying bills jumped to about 37% from 22% the year before.

Sen. Ted Cruz (R-TX) took to Twitter to voice his disapproval of President Joe Biden in regards to inflation.

“February, CNN reports: 'Biden to announce plan to lower costs for American families…' July, Bloomberg reports: 'The share of Americans who report having difficulties paying their bills has surpassed its 2020 pandemic peak.' Joe Biden is failing,” tweeted Cruz, who also posted the Yahoo article and survey.

The Yahoo report shows that increases in energy costs are a major financial stress for many households. The latest Census survey shows that across the country more than one third of households either stopped or buying or reduced their purchases of basic household necessities like medicine and food so they could pay their energy bills.

According to a U.S. Census Bureau survey that was conducted at the end of June through the beginning go July, 40% of adults said it has been somewhat or very difficult to cover their usual household expenses as wages are falling short and prices have surged. The Yahoo report said that this was the highest since the Census started asking the question in August 2020. It also shows that more than 90 million families are struggling financially, compared to 60 million last year.

When the Census first asked the question in 2020, only one third of respondents reported having trouble paying their bills.

According to Reuters, Biden’s approval rating has continued to fall, which is thought to be due to a surge of inflation that hit 9.1% in June, a 40 year high. The most recent Reuters/Ipsos poll shows that his approval rating fell to 36% last week. This ties for the lowest rating during his time in the White House. Among Democrats, his approval rating fell to 69% compared to 74% last week.