A full two-thirds of Americans say that inflation under President Biden’s administration has forced them to begin taking money out of savings to pay for everyday expenses, according to a Forbes survey.

Americans saved roughly $2.5 trillion over the course of the Covid-19 pandemic, but higher consumer prices and lower relative wages have caused 36% to spend a small amount of their savings, 23% to substantially deplete their savings, and 8% to completely drain everything they’ve got.

Inflation has been hitting young people particularly hard, with 42% saying they’ve spent a significant portion of their saved income. Moreover, the personal savings rate in April fell to its lowest level since 2008, according to the Bureau of Economic Analysis.

As inflation soars to 40-year highs, three-quarters of Americans say President Biden and his administration have botched their handling of the economic crisis, with many placing the blame at the feet of the administration’s $2 trillion American Rescue Plan, which economists warned would cause inflation to skyrocket.

“We’re all paying the price for having overstimulated this economy during the pandemic and putting too much money into people’s pockets, which created a lot of this inflation,” said former Obama economic advisor Steve Rattner. “There’s no free lunch, and we’re all going to have to pay the price.”

(YWN World Headquarters – NYC)