Recent data paints a troubling picture of Americans’ financial health. A staggering one-third of workers are living paycheck to paycheck, with some estimates suggesting the true number could be even higher. This dire situation reflects the harsh realities of Bidenomics and persistent inflation, leaving many struggling to make ends meet.
Bankrate’s latest survey reveals that 34% of American workers feel trapped in a paycheck-to-paycheck cycle. When considering the entire adult population, including those not in the workforce, the numbers become even more alarming. LendingClub Bank’s 2023 study found that a whopping 61% of American consumers are living on the financial edge.
The impact of inflation and rising costs is clear. Greg McBride, Bankrate’s Chief Financial Analyst, explains the challenge: “In the absence of automated savings, the presence of high inflation and a rising cost of living make it that much harder to get started. If you wait until the end of the month and try to save what is left over, too often there is nothing left over.”
🚨Another day, another blatant lie from Joe Biden:
“Inflation was at 9% when I got in.”
In reality, inflation was at 1.4% when Biden took office. pic.twitter.com/wbGTfPYuoG
— Steve Cortes (@CortesSteve) July 15, 2024
This financial strain isn’t affecting all Americans equally. Divorced workers are hit particularly hard, with nearly half (49%) reporting living paycheck to paycheck.
Gen X leads among age groups, with 40% feeling the pinch. Hispanic Americans are the most likely to report financial struggles (39%), followed by Black Americans (35%) and White Americans (33%).
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Geography also plays a role. Southerners are most likely to feel trapped in the paycheck-to-paycheck cycle, closely followed by those in the Midwest.
This aligns with economic data showing that the South has the lowest inflation-adjusted median income of any U.S. region, at just $37,860. Both the South and Midwest experienced higher peak inflation rates compared to other areas, reaching 9.8% and 9.5% respectively.
The survey also reveals a widespread sense of unfair compensation. Only 19% of workers feel they’re paid fairly, while 24% believe they’re “unfairly compensated,” and another 19% feel “underpaid” compared to similarly qualified colleagues.
These statistics highlight the real-world consequences of Bidenomics and unchecked inflation. As prices continue to rise faster than wages, more Americans find themselves unable to build savings or financial security. The dream of getting ahead financially seems increasingly out of reach for many.
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Unless there is a serious change in November, millions of hardworking Americans will continue to feel the squeeze, living with the constant worry that one missed paycheck could spell financial disaster.
