WASHINGTON DC – Fox News spoke to Americans who say they have been forced to save money and buy fewer holiday gifts this year as congressional leaders pushed through a $1.7 trillion spending package that critics warn could boost the ongoing inflation.
“I’ve saved up so I can spend Christmas with the kids,” Irene, from Arizona, told Fox News. “Things are much more expensive.”
HOW HAS INFLATION IMPACTED THE CHRISTMAS BUDGETS OF AMERICANS? WATCH:
WATCH MORE FOX NEWS DIGITAL ORIGINALS HERE
But Reagan, from Missouri, said inflation hadn’t affected his Christmas shopping.
“I actually did all my shopping on Amazon, so it was pretty easy,” Reagan said.
HOLIDAY GUIDE TO ‘TIPPING PEOPLE WHO HELP YOU ALL YEAR ROUND’: AN EXPERT ADVICE FOR SEASONAL SPENDING
Inflation hit a 40-year high at 9.1% in June. It has been down since then, but still reached 7.1% in November. Meanwhile, a December AP-NORC Public Affairs Research Center poll found that 57% of adults said it was harder to afford holiday gifts this year.
“As far as inflation goes, my paycheck doesn’t go as far as it used to,” said William, of Arizona. “We bought a few less gifts but more important things they might need.”
Many shoppers still felt the pinch of inflation this holiday season.
(Stephen Chernin/Getty Images)
Meanwhile, the Senate moved forward with a $1.7 trillion general spending package on Tuesday. Includes $3.6 million for the “Michelle Obama Trail PATH Project” and funds to name a federal building after House Speaker Nancy Pelosi.
Critics, including Republican Sens. Mike Lee and Rick Scott, argued that more government spending would worsen inflation.
“It’s just terrible,” Art, from Pennsylvania, said of inflation. “How long can we hold out?”
INFLATION ‘PASSES TOLL’ ON OLDER ADULTS, FORCING THEM TO RETURN TO WORK: ‘THE HOLIDAYS ARE GOING TO BE DIFFICULT’
He told Fox News that his family would not be giving gifts this year because of the price increase.
Art, from Pennsylvania, says his family won’t be exchanging Christmas gifts this year due to high inflation.
(Megan Myers/Fox News)
“These are hard times,” Art said. “This will be the beginning of the collapse. It will probably be as bad or worse than the depression.”
CLICK HERE TO GET THE FOX NEWS APP
But some chose priceless gifts for their loved ones to avoid high costs and spread holiday cheer.
“I give gifts of time, effort,” said Yvette, of Tampa. “That’s what matters.”
To hear more answers about the impact inflation has had on holiday gift-giving, click here.
