Fifty-three percent of Californians say the state is in an economic recession amid rising inflation, according to Tuesday’s PPIC polling.
Of the 1,705 California residents who participated in the poll, 53 percent of adults and 52 percent of likely voters said they believe California is in an economic recession.
Forty-one percent said California is not in a recession, and 43 percent of likely voters said it is not.
When “asked about their own financial situation compared to a year ago, most Californians have seen little change: 20 percent say they are better off than a year ago, 56 percent say they are the same, and 24 percent say they are worse off,” the poll reads.
However, three in ten lower-income residents, 29 percent (those with annual incomes less than $40,000), say they are worse off than a year ago.
Lower-income individuals may be feeling the added burden of being unable to work certain jobs, such as hospitality jobs, because of the Democrat-led shutdown during the Chinese coronavirus.
But they also may be hurting because of inflation that has resulted from the Biden administration, as money is worth less than before his presidency.
On May 20, Breitbart News reported the following about the impact of inflation on lower-income families:
Consumer prices have increased at an accelerated rate every month this year. In April, core inflation rose at its fastest month-over-month pace since 1981. The producer price index grew by the largest amount on record last month. Commodity prices are skyrocketing, with corn rising by more than 50% this year, lumber elevating to four times its traditional rate, and copper hitting a record high.
Breitbart News continued, “Inflation acts the same way as a tax by reducing the value of earnings. It devastates retirees and those on fixed incomes by making them poorer through no fault of their own. And it hurts small businesses, which must constantly raise prices, reducing sales and alienating customers.”
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