39% of Americans worry they can't pay the bills

A recent CNN poll reveals that 39% of Americans frequently worry about their ability to pay bills, a significant increase from 28% in December 2021. This concern is particularly pronounced among Latino (52%) and Black (46%) communities, as well as those earning less than $50,000 annually (55%). Despite low unemployment rates and easing inflation, many Americans are struggling with the rising cost of living, with typical households spending $925 more monthly than three years ago. The poll indicates that 35% of adults have taken on extra work to make ends meet, with higher rates among younger individuals and minority groups. Additionally, 69% report cutting back on discretionary spending, and 68% have altered their grocery shopping habits. Although inflation has moderated, with a year-over-year increase of 3% in July, many consumers feel the cumulative effects of previous price spikes. Median household incomes have risen by $1,110 over the past three years, outpacing the increased costs, but many still find their purchasing power diminished. Individuals like Angela Russell, a CDC employee, have had to adjust their spending habits significantly, prioritizing essentials and eliminating non-essential expenses. The findings highlight a disconnect between national economic indicators and the lived experiences of many Americans, who continue to face financial pressures despite improvements in some economic metrics.