American workers are struggling to cover everyday expenses because of crippling Biden-flation, according to a new survey reported by CNBC.
- Over half of American employees say their earnings aren’t keeping pace with the highest inflation in decades, according to Bankrate. That includes half of those Americans who received pay increases.
- “…[T]he pace of wage growth is the best it’s been in about 20 years, but inflation is at the highest in 40 years,” Greg McBride, chief financial analyst for Bankrate, told CBS MoneyWatch.
- Many Americans are cutting their spending and taking on second jobs to cope with increased costs.
Democrats fueled inflation that’s crushing families and the Inflation Reduction Act will make it worse.
- The consumer price index for August showed inflation has remained “high and sticky.” Wholesale prices also remain elevated.
- Yet the White House held a “celebration” of its Inflation Reduction Act, which the Penn-Wharton Budget Model shows will contribute to inflation.
- According to the San Francisco Federal Reserve, Democrats’ $2 trillion so-called “stimulus” triggered inflation. As a result, the typical family now has to spend nearly $6,000 more this year to buy the same goods and services they did a year ago.
Americans are struggling as Biden-Flation accelerates.
- Under President Biden, workers’ wages have dropped over four percent, prompting a majority of Americans to take up bargain-hunting.
- Real wages have fallen every single month since President Biden’s $1.9 trillion ‘stimulus’ passed last year.
- More than half of all Americans report spending up to $500 more per month on groceries. In August, grocery prices saw the largest increase in 43 years.
- For a majority of low-income households, rising prices have become a source of “major financial stress” as inflation has wiped out 26 million low-income households’ savings since President Biden took office.
- More than 60 percent of job creators fear inflation will drive them out of business.
Democrats’ Home Buyer Price Hike makes affording a home out of reach for many Americans as increased rents burden families trying to save.
- “First-time buyers represented just 29 percent of buyers in July. Historically they usually make up about 40 percent of sales, but they are clearly struggling the most with affordability. High rents are also making it harder for them to save for a down payment.”
- These increases are hitting the homes on the lower end of the price scale hardest, meaning working families are the ones struggling the most.