A devastating report indicates nearly two-thirds of Americans are being forced to live paycheck-to-paycheck in the Biden economy, as inflation continued apace at 8.3% in April, exceeding expert predictions and remaining at a 40-year high.
The consumer price index, according to the Bureau of Labor Statistics accelerated 8.3% year-over-year in April, a slight dip from March’s 8.5% but still higher than the Dow Jones estimate of 8.1%.
Even removing food and energy prices, the core CPI still rose 6.2%.
And what’s worse, CNBC reports, “workers continued to lose ground” in the Biden economy as “real wages adjusted for inflation fell 0.1% on the month.”
They also note that “over the past year, real earnings have dropped 2.6%.”
Inflation has hit 8.3%. pic.twitter.com/LfbWFRVg4H
– CNSNews (@cnsnews) May 11, 2022
Americans Living Paycheck-to-Paycheck
Americans in the Biden era have experienced a perpetual tidal wave of horrible personal economic news with inflation rates, grocery prices, shortages of basic necessitiesand gas prices delivering a blow to their accounts on a nearly daily basis.
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The latest inflation news comes less than two weeks after reports the US economy took a dramatic hit in the first quarter of 2022, with Gross Domestic Product (GDP) shrinking at a 1.4% pace, far lower than experts had anticipated.
In fact, their projections landed on an anticipated 1.1% gain which was already described as having been a “subdued” prediction.
The USA is running out of baby formula, gas is at a record high, inflation is at a record high, millions are struggling to put food on the table, and the border is wide open.
What’s your solution Democrats and Republicans in Congress?
“Let’s send 40 billion to Ukraine!”
– Catturd @ (@ catturd2) May 11, 2022
What do all these numbers mean for you and me, though?
According to a LendingClub report, 64% of Americans are living paycheck-to-paycheck as of March. There’s little doubt that this number is on the rise following inflation numbers from March and April.
And these difficult times aren’t simply affecting low-to-middle income earners.
“The surging cost of living has strained household finances nearly across the board,” CNBC writes.
Breaking: Inflation still sucks. Your wallet is still lighter. Gas prices still blow. Groceries are still unaffordable.
– Rusty 🇺🇸 (@ rustyweiss74) May 11, 2022
Biden Blames the Ultra MAGAs
President Biden, meanwhile, is taking no responsibility for soaring inflation and leaving Americans nervous about living paycheck-to-paycheck.
The White House messaging over the past few days has been to blame Republican Rick Scott – whose economic plan is backed by nobody in the GOP and who isn’t running for anything this election cycle – and what he calls the ‘Ultra MAGAs.’
In reality, the blame belongs squarely on the President.
Reminder about who is responsible for higher prices and less money in your pocket: pic.twitter.com/MjEQgJWv7y
– Rusty 🇺🇸 (@ rustyweiss74) May 11, 2022
By comparison, a similar study on American budgets shows that in June of 2021, just 54% of Americans were living paycheck-to-paycheck.
Before someone tries to blame Putin… pic.twitter.com/DTPqxDd22c
– InvadeRay (@Invaderay) May 11, 2022
Not only is the Biden economy hurting people financially, but it’s also affecting their mental health.
The American Psychological Association (APA) released a report called “Stress in America” in March that gives a sobering view of how people are experiencing “alarming” and “unprecedented” levels of stress.
“87 percent of those surveyed cited rising costs of everyday items, such as groceries and gas, as a significant source of stress,” NBC said of the report.
“Money stress,” according to the APA, is “at the highest recorded level since 2015.”
Who can blame them when the news gets worse and worse and the money keeps running out before payday?
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