Half of Americans Struggling Financially Amid Inflation Crisis: Polls and Reports
According to recent polls and reports, nearly half of Americans are struggling financially due to rising inflation rates. The Monmouth University Polling Institute conducted a survey that found 46% of Americans are currently struggling to remain where they are financially.
Inflation has been a major concern for many families in the United States. According to another poll by Monmouth University, inflation and 'rising prices' were the biggest concern for 24% of families. The Federal Reserve reported that inflation rose about 20% since President Joe Biden took office.
The economic concerns have been persistent over the past few years, with very few Americans feeling that federal government actions have helped alleviate their top concerns. Both political parties in the U.S. Congress, as well as former Presidents Joe Biden and Donald Trump, were perceived by many to not be concerned with the economic well-being of average Americans.
Inflation, the economy, and everyday household bills were identified as the biggest concerns for American families right now. These issues have been a top concern since worries about the COVID pandemic started to wane three years ago.
According to a report by Moneywise, over the past five years, 97% of salaries have failed to keep up with inflation. The analysis found that average salaries had fallen 8.2%, while home prices rose an average of 56%. Of the 20 most common jobs in America, only one - waitstaff - is expected to see an increase in salary after adjusting for inflation by 2028.
Elementary school teachers were projected to see a salary shrinkage of 11.59% by 2028, while accountants and administrative assistants were expected to experience a shrinkage of 10.51% and 8.47%, respectively.
Registered nurses and general maintenance workers were also projected to see salary shrinkages of 7.82% and 7.55%, respectively, by the same year.
The economic concerns have significant implications for Americans' purchasing power, as prices continue to rise faster than wages. The pain and pressure of inflation, rising cost of living, and soaring housing costs will lead to a significant reduction in purchasing power for Americans in nearly every occupation and industry.
