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May 9, 2008
Posted: 04:56 PM ET
FROM CNN’s Jack Cafferty: The worsening economy is forcing half of Americans to cut back on spending. A new Gallup poll shows 51% of those surveyed say they and their family have had to make significant cuts, while 49% say they haven’t – yet. It comes as no surprise that those being squeezed the most are lower income families. 70% of those who live in households earning less than $35,000 a year say they’ve trimmed their spending. That’s compared to 51% of people who make between $35,000 and $75,000 dollars. Only 36% of those making more than $75,000 a year have cut back. The top way for people to save money is by driving less, or buying less or cheaper gas – no surprise here with the national average now at $3.67 a gallon. Next, people say they’re cutting back on travel and vacations, followed by food and groceries. Other ways Americans are saving include spending less on entertainment, eating out less frequently or buying only necessities. Meanwhile, a separate USA Today-Gallup poll just out shows that record high gas prices are forcing Americans to drive less for the first time in almost three decades. People are making major changes in their driving habits – things like running fewer errands, taking steps to boost gas mileage, or seriously considering getting a more fuel-efficient car. Here’s my question to you: Is the economy forcing you to cut back on spending? Interested to know which ones made it on air? Filed under: Economy • Spending |
 
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Jack Cafferty sounds off hourly on the Situation Room on the stories crossing his radar. Now, you can check in with Jack online to see what he's thinking and weigh in with your own comments online and on TV. Send your comments on the "Cafferty File".  Jack's Book
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