A brand new survey has come out and the results have revealed that in the battle against inflation, Americans are not doing so hot. In fact, the vast majority of people are struggling to keep pace with the inflation surge, even with nice pay boosts over the course of the last year.
Much of the mess we’re in is due to the stimulus checks that Biden’s administration pumped out like crazy last year. All of these checks being sent out meant that more funny money had to be printed at the Federal Reserve, and thus, the rate of inflation went up and the value of the dollar went down.
Newsmax broke down the results of the September Pay Raise survey:
- 61% of American workers either received a pay bump or accepted a better-paying job over the past 12 months.
- Among the workers who received raises, 36% attributed the pay bump to performance bonuses and 31% cited cost-of-living increases.
- Approximately 50% of the American workers who received raises in the past year say their current wages cannot keep up with inflation rates, which have hovered above 8% for six consecutive months (March-August 2022).
- 39% of the American respondents are worried about their job security in the coming year.
Bankrate’s chief financial analyst, Greg McBrie, put out a statement about the company’s findings that read, “Inflation that has run at the highest levels in more than four decades has stripped buying power away from households of all walks of life.”
“Even half of those receiving a pay raise, getting a promotion or taking on new responsibilities said that higher pay falls short of the increase in household expenses,” McBride continued.
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American respondents who participated in the Bankrate survey acknowledged that gas prices are slowly coming down a bit, but pointed out the price of groceries, energy sources, and other household goods are still going up.
“[This week’s] higher-than-expected [consumer price index] reading shows that we still have a long way to go before inflation returns to more normal levels,” Scott Brave, lead consumer spending economist at Morning Consult, went on to say.
“While the recent decline in gas prices has provided a welcome reprieve for consumers, it represents just one part of the larger consumer basket; and prices for much of that basket continue to increase at rates that far exceed incomes,” Brave remarked.
These are the important issues that need to be dealt with right now. But Biden is doing nothing about it. It’s almost as if he wants the nation’s economy to crash and burn, isn’t it?