In light of the current inflation nightmare, most workers’ wages are not going as far as they used to. Prices have gone up so much that many Americans are having to buy their food at the dollar store because grocery stores have become too pricey.
At the same time, inflation is making it harder for people to buy homes or even afford rent. Gas prices are also still very high, despite Joe Biden’s false claims that some states are seeing gas per gallon that costs less than $3.00.
The president has a consistent pattern of lying about inflation, denying the current recession, and otherwise pushing the mistaken narrative that all is well.
Meanwhile, a new survey reveals the overwhelming majority of Americans are having their wages eaten alive by higher prices.
A Dangerous Place For the Country
In a new workplace report, Bank of America reveals 71% of Americans are seeing their income fall behind in comparison to growing living expenses.
This current rate marks a 58% hike from Americans who said the same back in February. Across the board, majorities of workers worry about inflation and are looking for ways to make extra money to keep up.
Bank of America: “Once inflation is above 5% in advanced economies, it takes on average 10 years to drop to 2%.” pic.twitter.com/Iamjjcq2AE
— Javier E. David (@TeflonGeek) September 21, 2022
This winter is expected to be particularly harsh on the American people as heating and utility bills rise. Meanwhile, as prices grow, some businesses are even laying off their workers to save themselves overhead expenses.
Unfortunately, this means people most in need of their jobs will find their finances even more at risk.
Less than four out of ten Americans are seeing their salary increases keep up with rising inflation. Yet, the White House continues to deny the experiences of everyday folks who are trying to survive.
A Tone-deaf Response From the Biden Administration
With America on the edge of complete economic ruin, Biden is still praising the Inflation Reduction Act, a bill that economists confirmed will not reduce inflation, as a win.
JOE BIDEN: “What’s inflation? Inflation is at the end of the month do you have less money from your paycheck or more money from your paycheck.”
Under Joe Biden, real wages have gone DOWN at the fastest pace in 40 years. pic.twitter.com/a0Sn7exXHz
— RNC Research (@RNCResearch) September 26, 2022
Very recently, the president asserted this newly passed spending bill will lower inflation, along with energy, healthcare, and prescription drug costs. Biden then baselessly said “good-paying jobs” are being created by his economic proposals.
Americans who are losing their jobs or not earning high enough salaries to keep up with rising inflation would likely beg to differ.