A pedestrian passes by promotion advertisement in a grocery store window in the Brooklyn borough of New York, the United States, Feb. 10, 2022. (Photo by Michael Nagle/Xinhua)
Inflation at 7.5 percent is eating up wage gains for many Americans and the unsettling effects of the pandemic, such as product shortages, are still playing out.
WASHINGTON, Feb. 24 (Xinhua) -- American consumers say they feel as bad as they did in the 2009 financial crisis and for the first time, Americans who say they are "not too happy" outnumber those who say they are "very happy," the Wall Street Journal quoted recent polls as saying, indicating inflation and shortages are the main causes of the low sentiment.
"Why this economic boom can't lift America's spirits; Discontent is widespread in spite of job growth, wage gains and strong asset values. At the root of it: inflation and shortages," the report said.
Inflation at 7.5 percent is eating up wage gains for many Americans and the unsettling effects of the pandemic, such as product shortages, are still playing out, explained the report.
The latest phase of the pandemic has further eroded faith in leaders and institutions, leading to feelings of frustration, aimlessness and helplessness even among some who are doing well in today's economy, the report said, quoting results of polls. ■
