According to a new report, 53 percent of Americans say that their paychecks are not keeping up with inflation in the Biden era.
the study from ASA Workforce Monitor from the American Staffing Association and The Harris Polling firm finds that interest rates and inflation are destroying more than half of Americans’ purchasing power.
The study found that only 47 percent say their paychecks are keeping them above water. Meanwhile 53 percent said they are losing ground. And another 38 percent said that their financial situation is far more stressful than it was even last year.
“The data may project a soft landing for the economy, but the bank accounts of America’s workers –are telling a different story,” Richard Wahlquist, chief executive officer at the American Staffing Association, said in a press release. “With the price of a pound of ground beef increasing by 29% over just four years and personal savings rates at their lowest levels in 15 years, U.S. workers are understandably stressed about the adequacy of their paychecks and their ability to save for their future. Unless things begin to turn around quickly, workers’ negative attitudes about their finances and the economy will likely be a top issue when voters go to the polls in November.”
The findings come as more Americans than ever say they are failing to save up for unexpected expenses.
The American Staffing Association is the voice of the U.S. staffing, recruiting, and workforce solutions industry. ASA and its state affiliates advance the interests of the industry across all sectors through advocacy, research, education, and the promotion of high standards of legal, ethical, and professional practices.
The Staffing Assoc. survey was conducted online within the United States by The Harris Poll on behalf of ASA from January 5–9, 2024 among 2,094 adults ages 18 and older, of whom 1, 294 were employed. The sampling precision of Harris online polls is measured by using a Bayesian credible interval. For this study, the sample data is accurate to within +/- 2.5 percentage points using a 95% confidence level.
The report comes at the same time as another report that found that Americans under 50 years of age are exceedingly finding themselves in financial distress with a major sign of that problem being the rising number of Millennials who are losing their cars to repossession.
Americans are also spending more to feed themselves than they have in thirty years. The percentage of disposable income being required to buy food has risen to 11.3 percent, an amount that hasn’t been seen since 1991.
Biden is bleeding Americans dry, making life harder, and making us all poorer.
Follow Warner Todd Huston on Facebook at: facebook.com/Warner.Todd.Huston, or Truth Social @WarnerToddHuston
