Millions of Americans have experienced a pay cut due to high inflation, with average hourly earnings declining by 3.32% since January 2021.
Despite nominal wage increases, real purchasing power has diminished due to the high inflation.
The consumer price index shows a 17.62% increase in prices since January 2021, leading to financial strain, particularly for low-income households.
A majority of Americans disapprove of Joe Biden's job performance
This includes a majority of men, Hispanics, people with college degrees, and anyone under the age of 45.
Worst President Ever? pic.twitter.com/UIx1DP4rjK
— AnalyzingAmerica (@AnalyzAmerica) November 16, 2023
A Bankrate survey reflects growing pessimism about financial situations, with 45% attributing blame to President Biden and his economic policies.
“The plight of the economy over the next 12 months may help to dictate whether it was wise, or not, for President Biden to trumpet the branding of ‘Bidenomics,'” said Bankrate’s Mark Hamrick.
While inflation has slightly decreased, many families continue to face financial pressure, spending approximately $650 more per month than they did two years ago.
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