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.
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“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).”
