Inflation is emerging as a pressing concern for Americans, with many feeling that it not only affects their wallets but also stifles opportunity and hampers their standard of living. According to a recent CBS News/YouGov survey conducted from December 6-8, 2023, Americans are increasingly worried about the long-term effects of inflation and perceive the economic difficulties arising from the pandemic as the most challenging in a couple of generations.

Despite positive macroeconomic indicators, such as job growth and GDP, Americans tend to prioritize their personal experiences over these figures. A staggering three-quarters of respondents expressed discontent with their incomes, claiming they are not keeping pace with inflation. This sentiment is particularly pronounced among millennials and Gen-Xers, who are currently in their prime working years.

The survey reveals that more people today believe their standard of living is worse, rather than better, than that of their parents. This sentiment contradicts the traditional notion of the American Dream and highlights the growing concern that economic opportunities are only expanding for the wealthy, not the middle class.

Notably, the recent bout of inflation is the most severe Americans have experienced in four decades. Comparing it to previous economic challenges, respondents ranked the pandemic-induced difficulties as more formidable than the 2008-2009 crash and Great Recession, as well as the recessions in the 90s and 80s. Remarkably, they even deemed the current inflation crisis worse than the inflation and gas shortages of the 1970s.

The survey also delved into Americans' attitudes toward solutions for controlling inflation. Interestingly, most respondents expressed support for government price controls, reflecting concerns about companies overcharging and excessive government spending. Surprisingly, this support spanned across party lines, with more than half of Republicans also backing the hypothetical idea.

President Biden did not fare well in the public's assessment of his handling of inflation. His administration received significant disapproval, with many attributing the growing inflation to their actions rather than perceiving any efforts to curb it. The mixed evaluations of the president's economic legislative record, including the Build Back Better Act and the Inflation Reduction Act, underscore a perceived lack of information and awareness about these initiatives among the public.

While the overall outlook remains negative, with inflation being the primary factor contributing to this sentiment, there is some ongoing uncertainty about the economy's trajectory. It is important to note that partisanship also plays a role in shaping views on the economy, and the pattern of negative perceptions has persisted throughout the year.

The CBS News/YouGov survey highlights the profound impact of inflation on Americans' daily lives, their hopes for upward mobility, and their assessment of the current administration's economic management. As the nation grapples with this persistent issue, policymakers face the challenge of not only addressing the immediate consequences but also rebuilding trust and restoring the American Dream for all segments of society.