According to a recent report from CNBC, middle-class families are falling behind in the Biden economy.
Among those whose income falls in the $30,000-to-$100,000 range, 75% say their earnings are falling behind the cost of living, and 77% think the U.S. will be in a recession by the end of 2022, according to a recent survey from Primerica.
There’s also been a general uptick in financial worries in the last six months, with 39% of those surveyed expecting to be worse off financially in a year, up from 32% in March and 28% in December 2021. In December 2020, that share was 17%.
“There’s a higher level of concern financially among middle-income families than there was even at [the height] of the pandemic,” said Glenn Williams, CEO of Primerica. “When you see rising prices in staples like gas, rent, things you can’t avoid … it comes down to tougher decisions around priorities.”
Hourly wages were up 5.1% in June —but inflation rose 9.1%, essentially wiping out any income gains.
“Inflation always hurts those who make less money because the portion of their income that goes to necessities is much higher than that of wealthier people,” said Kathryn Hauer, a certified financial planner with Wilson David Investment Advisors in Aiken, South Carolina.
Rep. Guy Reschenthaler (R-PA) shared the story on Twitter:
“75% of middle-class households in America say the cost of living is outpacing their income. Bidenflation is crushing hardworking Americans.”
Continue reading over at CNBC:
75% of middle-class households in America say the cost of living is outpacing their income.
Bidenflation is crushing hardworking Americans.https://t.co/HD4Uzxp3wU
— Rep. Guy Reschenthaler (@GReschenthaler) July 18, 2022