Things That Worry Americans Today

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Should Americans worry about ballooning public debt? It’s the question most people have following reports that the public debt has hit a whopping $30 trillion. But, it begs the question, what are the things that worry Americans right now? There are many, and increasing public debt is just one of them. Here we explore things that scare Americans the most today.

Huge Federal Debt

Large deficits are not necessarily good because they signal an increasing public debt. Long before the COVID-19 pandemic hit, analysts predicted that the federal deficit was posed to rise. The increase was driven by the president and Congress approving spending amidst a sharp recession.

When interest rates fall significantly, the Government can shoulder a higher debt burden. As you probably know, debt is unsustainable in the long term because the Government may lose the fight to combat other economic ills or prevent downturns such as inflation and surging interest rates. 

Notably, the U.S. spends more on paying debt interest than the combined budgets of Justice & State, Energy, Interior, Commerce, HUD, Education, and DHS. The effects of public debts can impact an economy in a big way. They can lead to higher interest rates, which can, in turn, lead to higher borrowing costs and inflation. They can also put pressure on the government budget, leading to cuts in spending on public services. In some cases, public debts can even lead to default. It explains why Americans should worry about rising debt.

Rising Inflation

Inflation is another big concern for Americans. Data from the U.S.Labor Department published in September reveal that the annual inflation rate currently stands at 8.3% for twelve months ending August 2022.

Americans are worried that inflation will make it challenging to maintain their standard of living. Inflation can erode the purchasing power of wages and can also lead to higher interest rates, making it hard to afford debt payments.

Unemployment

Whereas some people may feel like they lack the skills or experience to get a job, others worry that there are simply insufficient jobs. Americans worry about lacking jobs because unemployment means not having enough money to survive. With the digital advancements, they may also stress about losing their job to automation or technology.

Still, since the onset of the pandemic, many people have been out of jobs due to health complications and reduced work hours. A Minneapolis Fed research established that up to 25.9% of individuals with COVID had their jobs impacted, meaning they were either rendered jobless or their working hours reduced.

Gun Violence

Americans are concerned about gun violence for many reasons. First is the high number of mass shootings that have occurred in recent years. Secondly, there are over 350 million firearms in the United States, with more than one gun for every person in the country. 

There have been more than 300 mass shootings in the US this year. It explains why most Americans would be concerned about their safety. Many people believe that the current gun laws are too lax, making it easy for people with mental health issues to get their hands on firearms.

Inability To Get Credit

Most US residents worry about the inability to get credit from banks, credit card companies, or online lenders. Banks and other financial institutions have turned them down because of their poor credit history. That’s because they have experienced firsthand how difficult it is to get approved for a loan or credit card.

Most people ponder questions like, does paying utilities build credit? Or does having too many credit cards affect the credit score? The biggest concern is not being able to get a mortgage and a car loan.

Not Having Enough Savings For Their Retirement

Another problem Americans face is not having enough savings for their retirement for several reasons. They may be concerned about outliving their savings or not having enough money to cover unexpected expenses. Some also worry that they will not be able to afford the lifestyle they want in retirement. 

Final Thoughts

From the current state of the economy caused by inflation and public debt to not having enough money to support their golden years, there is a lot on the minds of Americans. There’s no doubt that these issues will linger longer.