Americans Say That Their Financial Situations Are Getting Worse

Added: 2026-05-07

[00:00:01]Hey everyone.

[00:00:03]We're going to talk about something serious right now.

[00:00:07]>> [sighs and gasps] >> Americans believe that their finances are getting worse and worse.

[00:00:13]And the stress levels about their financial situations are worse now than they felt during the Great Recession.

[00:00:30]And the Great Recession meaning during '08, '09.

[00:00:39]And it's higher now than it is even during the pandemic.

[00:00:45]But of course this shouldn't actually be a surprise to any of us.

[00:00:52]We have been in a historic cost of living crisis since 2020.

[00:01:01]And our standard of living has been steadily deteriorating as the purchasing power of our money has gone down.

[00:01:13]If you are making the same amount of money as you did at the beginning of this decade then you are in far worse shape financially today.

[00:01:22]That's just the reality of the time that we're living in.

[00:01:26]And the cost of just about everything is going up and up and up and up and up.

[00:01:32]And as a result people are more concerned about the economy than anything else.

[00:01:39]The percentage of Americans that believe that their finances are getting worse has been rising for about five years in a row now.

[00:01:47]And it's at the highest level it's ever been recorded.

[00:01:53]Americans financial outlook in 2026 is also historically poor with a record of 55% now saying that their financial situation is getting worse.

[00:02:04]While similar to last year's 53%, this is up from 47% 2024 and marks the fifth consecutive year more Americans say that their finances are worsening rather than improving.

[00:02:18]The only similar multi-year period when the larger share felt that their financial situation was worsening was during the Great Recession.

[00:02:30]And at this stage, there's no denying the trend that we are witnessing.

[00:02:36]Majorities worry about not having enough money for retirement and being unable to cover medical cost in the event of a serious accident or illness.

[00:02:49]Slightly smaller majorities worry about their investment returns and maintaining their standard of living.

[00:02:56]But nearly half are concerned about routine health care cost um while about 41% worry about paying their normal monthly bills.

[00:03:08]40% worry about like affording to be able to go to college, but fewer worry about housing cost or making minimum credit card payments.

[00:03:19]But I will say that living paycheck to paycheck is not fun at all and many of you know exactly what I'm talking about.

[00:03:28]Today, much of the country is just one major setback away from financial ruin.

[00:03:36]A little over $6,000 is an additional debt is all it takes to push a family over the edge.

[00:03:45]$6,000, the cost of a half-decent second-hand car or a modest kitchen renovation.

[00:03:57]And the country that put a man on the moon or mapped the human genome, won two world wars, and produces more billionaires per capita than anywhere else on Earth, that's the cliff edge?

[00:04:15]Six grand?

[00:04:19]The old vocabulary no longer fits.

[00:04:23]The conservative the catechism of thrift, discipline, delayed gratification has aged poorly in light of this evidence. Tariffs, as the survey notes, rippled through supply chains and left a sizeable dent in consumer pockets.

[00:04:50]Healthcare waits in the background, capable of dismantling a decade of careful saving with a single bad diagnosis.

[00:05:01]American households have always lived under financial pressure, but the difference now is the direction, or rather the directions.

[00:05:13]It's coming from everywhere all at once, which is what makes it almost impossible to outrun.

[00:05:21]The middle class is being systematically eviscerated all all around us.

[00:05:28]It is a national crisis that just keeps intensifying year after year after year.

[00:05:36]And as finances have gotten tighter and tighter, millions upon millions of us Americans have fundamentally changed our behaviors.

[00:05:51]And the response has been behavioral rather than political, which is another way of saying that people have given up waiting for someone to fix it.

[00:06:05]No longer do we like go out like there's like no date night, right? We don't go to the movies no more.

[00:06:13]No like going out to dinner with our friends anymore, right?

[00:06:18]Because if we do, then well, then rent falls behind or the mortgage payment falls behind or well, I just took out money so now I'm I'm I'm short on my electric bill, right? And then medical appointments get postponed and rarely do they ever get rescheduled.

[00:06:41]And none of this is irrational because when survival takes priority, everything else enters a waiting room with no clear appointment time.

[00:06:57]And what makes it particularly disturbing is that financial distress doesn't stay financial. It moves through relationships and it moves through communities and rearranging what people believe is possible for themselves.

[00:07:19]And some will call it hyperbolic to suggest that the American dream is dead.

[00:07:25]Mhm. Perhaps, but a dream balanced on a $6,000 ledge is a stiff wind is not exactly thriving.

[00:07:39]When energy prices soaring and the probability of a recession climbing.

[00:07:48]With every new data release, the wind is picking up.

[00:07:54]So, what about you? What do you think?

[00:07:56]Have you found yourself changing your spending behavior in recent years in an attempt to save money?

[00:08:05]And if so, there are countless others that are in the exact same shoes as you.

[00:08:11]Unfortunately, the outlook for the months ahead is not promising at all.

[00:08:20]The average price of gas right now, uh for a gallon of gas in the United States, rose to the highest level that we have seen since the war in Iran began.

[00:08:32]And gas prices are climbing and climbing and climbing. And it's I think right now, here in the Tampa Bay area, we're at like 420 something.

[00:08:47]And the national average for a gallon of regular is like 418. It's up 15 cents from a week ago and about a dollar higher from a year ago.

[00:08:58]As energy prices rise, it is going to affect the cost of everything else as well.

[00:09:05]Meanwhile, the government continues to tax us into oblivion.

[00:09:12]Each year, Americans are hit with literally dozens of different taxes and fees depending on where you live, too.

[00:09:22]And when you add all of them together, some Americans end up paying more than 50% of their incomes in taxes and fees.

[00:09:32]If you have to hand over more than half of what you earn to the government, you are no longer living in a capitalist system.

[00:09:43]Some people out there don't seem to have that figured out yet.

[00:09:49]In this environment you should be thankful if you have an income coming in at all because we continue to see mass layoffs all over the nation. Here's an example for you.

[00:10:03]Nike, okay?

[00:10:05]Nike just announced yet another round of layoffs.

[00:10:10]Okay?

[00:10:13]Approximately, I think, 1,400 employees across the organization, mostly concentrated in its technology department.

[00:10:22]Okay? The COO in a note said that the company had the layoffs were part of Nike's broader win now turn around strategy aiming to reshape its technology team, modernizing its air manufacturing, move some of its Converse footwear operations, and integrate its materials supply chain work into its footwear and apparel supply chain teams.

[00:10:58]So, our economy is coming apart at the seams, literally and figuratively.

[00:11:05]All around us.

[00:11:08]And now, the crisis in the Middle East threatens to plunge the entire global system into an extended downturn.

[00:11:17]We are really we're facing a nightmare scenario.

[00:11:25]And it won't be too long before that is completely and utterly obvious to everyone.

[00:11:31]Unless you're living in a bubble or someone's basement.

[00:11:40]All right, I'm out of here.

[00:11:42]I will see you in the next one, okay?

[00:11:44]You stay safe, you stay positive, you keep prepping, and as always, fear less and God bless.

[00:11:51]Ciao.