More US Households Say They Are Worse Off Than a Year Ago: New York Fed

The New York Fed’s Survey of Consumer Expectations (SCE) shows households less optimistic about their finances.

A grocery shopper stands in a food aisle in a store in New York, N.Y., on May 31, 2022. Samira Bouaou/The Epoch Times

As President Joe Biden and his administration try to promote Bidenomics and convince voters that the economy is strong, a new study found that more U.S. households are less optimistic about their financial situations as the pressures of high inflation and borrowing costs weigh on consumers’ wallets.

According to the Federal Reserve Bank of New York’s August Survey of Consumer Expectations (SCE), 41 percent of households say they’re financially worse off than a year ago, and nearly 30 percent believe that they will be worse off a year from now.