The problem even seems to unite everyone by race, with 62% of white Americans and 69% of black and Hispanic Americans agreeing they're struggling financially each paycheck.
The median savings amount, even after counting in the richest Americans, totaled just $1,586.
Most Americans are having trouble making ends meet, living, as the poll put it, "Paycheck to paycheck." Which is surprising, since politicians continue to tell Americans they've never had it so good.
Biden has been aided by media reports, such as "This is the Best U.S. Economy Since the 1990s," and New York Times columnist Paul Krugman referring to our recent economic issues as a "Vibecession." But as the data above show, Americans' pain is real, not a hipster "Vibe." And the idea that the U.S. economy is doing fine is simply not the case.
While overall growth has rebounded after the economy crashed 7.5% in 2022's second quarter, a post World War II record, Americans are still feeling inflation's pinch.
Since Biden's term began, overall inflation has risen 16.6%, sharply eroding Americans' purchasing power.
In the most recent federal data, the amount was $371. So even after three years, working Americans are earning less in real terms than they did when Biden's term started.
No comments:
Post a Comment