Amid record-high inflation, 1 in 5 American workers are now living paycheck to paycheck, a new survey has revealed.
These are the kinds of figures you just can’t spin.
According to Salary Finance’s 2022 Annual Report, the number of employees, 20%, who regularly run out of money between paychecks is up 5% since last year.
What’s causing the squeeze? Inflation hit a four-decade-high of 7.9% in February, according to data from the Bureau of Labor Statistics.
- This means consumers are paying higher prices for a whole host of goods, which range from grocery store items to electricity.
- And while wages are increasing, the pay bumps aren’t keeping pace with the rising cost of living.
- Higher costs have American workers feeling the pressure: Salary Finance’s survey found that nearly half, 45%, reported feeling financially stressed.
Inflation is hitting lower-income earners the hardest: 84% of respondents making less than $55,000 told Salary Finance the rising price of consumer goods was impacting them, compared to 76% of the general population.
The state of the economy is already exacting political costs on the party and president in power, despite some experts’ claims that “inflation is good, actually.”
- An NBC News poll released Sunday found that most Americans, 68%, believe reducing inflation and improving the economy should be President Biden’s top priority.
- A plurality, 38%, blame Biden for spiking inflation.