More than a third of Americans have drawn on their savings accounts to handle rising prices, taking out hundreds of dollars on average, according to a recent survey by New York Life Insurance Company.
Since January, 36 percent of Americans have drawn an average of $617 from their savings to pay their bills, the company found. Nearly 90 percent of those surveyed expressed anxiety that a recession is approaching, and roughly a third reported being “uncertain” or “anxious” about their personal finances. Respondents cited monthly bills, health care costs, grocery prices, and gas prices as their areas of greatest financial concern.
“So, no, it isn’t just a tax and spending bill. The ‘Inflation Reduction Act’ — also sold as deficit reduction — will neither lower inflation nor the deficit but, in addition to containing much of Alexandria Ocasio-Cortez’s ‘Green New Deal’ spending, it also holds 40 pages of amendments to the Clean Air Act (CAA).”
