Girl, are we still talking tariffs? 🗣️💅 Our feeds are now chock-full of WW3 memes. Get with the program and up your doomscroll game.
Dystopian jokes aside, tariffs are still a thing. A new survey revealed what Americans think of it all. 📊 Let’s recap some of the most noteworthy stats.
Here’s Five Fast Facts on how Americans feel about tariffs:
- 👎 Negative Nancies - According to Bankrate’s latest Consumer Sentiment Survey, 56% of Americans believe the nation’s economy is heading down a bad path. Those results are pretty close to a similar Bankrate survey from early November 2024 (55%).
- 🥧 Pie Crust Promise - Trump came in hot with promises that increased tariffs would be our economy’s saving grace. However, most Americans surveyed feel that higher taxes on imports and foreign goods are bad for their wallets. Roughly 65% polled believe tariffs will make their personal financial situation worse, and 41% said they’ll cause great damage.
- 📈 Can You Take Me Higher - Although many of the proposed tariff increases are now held up in court, our country’s tariff rate is still the highest it’s been in 100 years. Experts say tariffs cost American consumers an extra $2,500 a year. For lower income folks living paycheck-to-paycheck, that’s pretty significant.
- 🎈 Up Up and Away - Most people in the Bankrate survey (97%) reported experiencing price increases of some kind over the last year. Here’s a list of what price hikes people reported the most: groceries, gas, dinners out, cars, travel, home services, and personal care services.
- 👀 Nice View - Do politics play into how a person feels about the economy? Sure do. Data from the Bankrate survey showed Republican respondents (58%) were more likely to think the economy is on the upswing over Independents (17%) and Democrats (7%). Dems (83%) were more likely to report negative views on the economy than Republicans (27%) and Independents (58%).
🔥Bottom line: You know what helps fight the tariff scaries? Some good, old fashioned saving. If you’re struggling to pump up that emergency fund, why not aim for a smaller goal instead? Even building a cushion of just a few hundred dollars could save you in a pinch. Read more on how to get started here!
Have your household finances been impacted by tariffs?
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