October 30th 2023.
Inflation has been a growing problem in the United States, with household incomes not rising at the same rate as the cost of living. According to a poll conducted by the Associated Press-NORC Center for Public Affairs Research, two out of three Americans reported that their expenses have gone up since last year, while only 25% have seen an increase in their wages. These findings were echoed by Steve Shapiro, a 61-year-old audio engineer from Pittsburgh, who told Fortune that his income had stayed the same.
This has been especially concerning for households of color, especially Black households, which have a significantly lower median household income than their White counterparts. The racial wealth gap combined with pay discrepancies have already caused an economic disparity, and the rise in inflation only makes it worse.
The increasing cost of living has caused a lot of financial strain. Many people are in debt due to rising prices, and only 15% of poll participants have been able to increase their savings. Student loan debt is also weighing heavily on household budgets, and loan rates are preventing people from moving to a new home.
The current economic climate, though touted by government entities as being "good on paper," has not been helping everyday Americans. With 50% of those polled still having credit card debt, it's clear that the national debt payments are rising at an alarming rate. Unfortunately, it's the people who can least afford it who are bearing the brunt of this political football game.
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