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US inflation greatly affects national currency

US inflation greatly affects national currency

According to the poll conducted by Ipsos and ABC News, 69% of US citizens suppose that the current economic situation is critical. Most respondents think that the country’s economy is slumping amid high inflation, which is exerting pressure on the greenback.
The poll revealed that about 70% of Americans fear that the situation could become even worse. According to analysts, it is the highest level in the last 14 years. In addition, most respondents disapprove of measures taken by President Joe Biden to combat surging inflation.
“More than two-thirds (69%) of Americans think the nation’s economy is getting worse - the highest that measure has reached since 2008, when it was 82% in an ABC News/Washington Post poll,” ABC News wrote.  At the same time, only 12% think that the economic situation is improving, whereas 18% suppose that “it is essentially staying the same.”
Notably, since the beginning of 2022, the US has been reporting climbing inflation and a drop in GDP. In the first quarter of the year, GDP slumped by 1.6%, whereas in the second quarter, it slid by 0.9%. In June, the local inflation jumped to 9.1% on a yearly basis, reaching the highest level last seen 40 years ago. Data from the US Department of Commerce unveiled that such a tumble was caused by lower business investments and gross fixed capital formation  amid the release of oil reserves.
Earlier, President Joe Biden called inflation the “bane” of the US. However, he still believes that it is possible to avoid recession. He even stated that the US was “in a stronger position than any nation in the world to overcome this inflation.” US Treasury Secretary Janet Yellen is eagerly supporting ideas of the head of the state. Not so long ago, she emphasized that consumer and investment spending had risen. What is more, at the end of July, Yellen declared that the US economy was getting back on track, demonstrating stable growth.

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