Affordability dogging Americans amid calls for economic overhaul

Surveys of more than 5,000 adults find 60% say they don't make enough for the life they want, and of those who see too much inequality, 24% now favor a complete system rebuild.(CN) — As economic issues dominate voter concerns ahead of the midterm elections, Pew Research Center surveys released Wednesday show large shares of Americans are struggling to afford basic necessities and most complain there is too much economic inequality in the country.In surveys of more than 5,000 U.S. adults conducted this past summer, 60% said they do not currently have enough income to lead the kind of life they want, 53% lack emergency funds that would cover three months of expenses and 27% cannot pay all their monthly bills in full.Forty-four percent reported trouble covering at least one basic necessity in the past year, whether medical care (28%), daily transportation (22%), rent or mortgage (21%), and 20% say they’ve obtained food from a pantry or food bank. These hardships fall disproportionately on lower income adults along with women, Black and Hispanic adults, younger adults and those without a four-year college degree.At the same time, 61% of Americans say there is too much economic inequality, a figure unchanged since 2019. Among those who hold that view, however, attitudes about solutions have hardened: 24% now say the economic system needs to be completely rebuilt to address inequality, up from 14% seven years ago, and 35% say no amount of inequality is acceptable, up from 29%.“While we can’t say what’s driving the shift, we do see a substantial change among Americans who think there’s too much economic inequality,” said Juliana Horowitz, Pew’s senior associate director of social trends research. “Both Republicans and Democrats in this group are more likely than they were in 2019 to say the economic system needs major changes or to be completely rebuilt. At the same time, very few are highly confident that the system can actually be changed effectively. So, there’s an interesting tension between wanting significant change and being skeptical that it can happen.”Confidence that the system can be effectively changed remains low. Among those who see too much inequality and favor at least major changes, only about one in 10 are extremely or very confident reforms can succeed.Meanwhile, partisan differences are pronounced. Democrats and those who lean Democratic are nearly twice as likely as their Republican counterparts to say there is too much inequality (78% versus 42%). On causes, Democrats who see excessive inequality most often cite the tax system and insufficient regulation of major corporations, while Republicans more frequently point to differences in life choices and the idea that some people work harder than others.On responsibility, 72% of those concerned about inequality say the federal government should play a large role in reducing it (up from 66% in 2019), though Democrats assign substantially more responsibility to government, large businesses and wealthy individuals than Republicans do. Even among Republicans who say there is too much inequality, a majority (54%) now favor a major federal role, up from 44% in 2019.Despite the documented strains — including widespread cutbacks on nonessentials and limited ability to save — Americans express mixed emotions about their personal finances, with 37% saying they often feel hopeful and 36% content. Fifty-eight percent believe they are doing better than most other Americans at meeting basic expenses. Republicans also report more positive assessments of their own financial situation and of overall economic conditions than Democrats.Subscribe to our free newslettersOur weekly newsletter Closing Arguments offers the latest about ongoing trials, major litigation and rulings in courthouses around the U.S. and the world, while the monthly Under the Lights dishes the legal dirt from Hollywood, sports, Big Tech and the arts.Additional Reads