More than half of black and Latino Americans say they’re facing “serious financial problems” as a result of high inflation.
In a recent survey conducted by NPR, The Robert Wood Johnson Foundation, and the Harvard T.H. Chan School of Public Health, it was revealed that 58% of black Americans are suffering from financial problems and attribute them to inflation. Fifty-six percent of Latinos reported feeling the same.
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Nearly 70% of Native Americans agreed that inflation was to blame for their economic stress. Forty percent of white Americans answered the same. Only 36% of Asian households agreed.
This comes as the United States has experienced two consecutive quarters of economic contraction, historically defined as a recession. However, the Biden administration insists that the country is in a “transition” period.
Majorities of black Americans (58%), Latinos (53%), and Native Americans (58%) also said “they do not have enough emergency savings to cover at least one month of their expenses.” More than one-third of white Americans reported the same, while just 20% of Asian Americans agreed.
Notably, majorities across racial and ethnic identities reported that the lack of affordable housing in their neighborhoods is a “serious problem.” Just under three-quarters of Latinos agreed with the statement, while 61% of black Americans and Native Americans and 65% of Asian and white Americans said the same. Majorities also said the problem extends to rental housing affordability.
The survey was conducted between May 16 and June 13, 2022, and included 4,192 adult participants. At the 95% confidence level, the margin of error is plus or minus 2.8 percentage points.
Despite record-high inflation, the White House did have the opportunity to celebrate an optimistic jobs report last week. The report showed that nearly 600,000 new jobs were added to the economy in the last month, which was much higher than predicted.
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White House press secretary Karine Jean-Pierre used the report to justify the administration’s claims that the country is not in a recession. “The strong labor market is what we’re looking at,” she explained to reporters, “that there won’t be a recession on the horizon.”
