![]() "Putting on a Thanksgiving dinner costs the same if you're a lower- or upper-income American, but for a lower-income American it's a bigger portion of your spending." "Food costs and basic costs are up more than other costs," Ludwig noted. And until recently, lower- and middle-income workers' wages weren't keeping pace with the gains enjoyed by the nation's top earners. Inflation takes a bigger bite out of lower-income households because by necessity they spend a bigger share of their income on basics than higher-income Americans. Ludwig's group recently found that some expensive cities offer the best quality of life for working-class Americans, largely because of the higher incomes that workers can earn in these cities. Still, a higher cost of living doesn't necessarily doom people to financial distress. For instance, typical housing in Colorado requires an additional $267 per month compared with January 2021, while other states saw much smaller increases, the analysis found. The differences in costs are tied to local economic differences. "Middle- and low-income Americans aren't doing well enough - they are living fragilely on the edge," said Gene Ludwig, chairman of the Ludwig Institute for Shared Economic Prosperity (LISEP), a think thank whose own analysis found that the income needed to cover the basics fell short by almost $14,000, on average, in 2022. The main categories requiring heavier spending for consumers simply to tread water: food, transportation, housing and energy, which together account for almost 80 cents of every $1 in additional spending, according to the Republican analysis. "On the edge"Īverage hourly pay for workers has increased robust 13.6% since January 2021, although that lags the 17% increase in inflation during the same period, according to government data. For instance, spending bills were signed by both Presidents Donald Trump and Joe Biden that put stimulus money into the hands of millions of Americans, while global supply-chain snarls and labor shortages drove up the cost of goods and services.īut even as inflation is now cooling rapidly, many consumers say they aren't feeling it, with a new Bankrate survey finding 60% of working Americans say their income has lagged inflation has over the past 12 months. To be sure, economists point to a number of pandemic-related issues as the cause of high inflation, rather than decisions from any one political party. Inflation is the main reason Americans express pessimism about economy despite its bright points, which also include stronger wage gains in recent years. ![]() Senate Joint Economic Committee, taps government data such as the Consumer Price Index and Consumer Expenditure Survey to examine the impact of inflation state by state.Įven so, many Americans say they aren't feeling those gains, and this fall more people reported struggling financially than they did prior to the pandemic, according to CBS News polling. The analysis, from Republican members of the U.S. inflation recedes and the economy by many measures remains strong, with the jobless rate at a two-decade low. Such figures underscore the financial squeeze many families continue to face even as the the rate of U.S. The typical American household must spend an additional $11,434 annually just to maintain the same standard of living they enjoyed in January of 2021, right before inflation soared to 40-year highs, according to a recent analysis of government data. Watch Make It or Break It with a subscription on Hulu, or buy it on Amazon Prime Video, Apple TV.Inflation flattens in October according to latest Consumer Price Index report 04:09 Where to watch Make It or Break It Subscription Seasons 1-3 Buy Seasons 1-3 Buy Seasons 1-3 Starring: Chelsea Hobbs, Ayla Kell, Josie Loren, Zachary Abel, Cassandra Scerbo.Amidst the backstabbing and bonding, they're teammates in name only, all in pursuit of what every gymnast competes for: a perfect routine. But her natural abilities and lower economic status don't immediately make her any friends among the center's elite, who include top gymnast Payson Keeler, beautiful Kaylie Cruz, resident hottie Carter Anderson and ultracompetitive Lauren Tanner, who would like nothing more than to see Emily head back to where she came from. Emily Kmetko's dreams of becoming an Olympic gymnast inch closer to reality when she receives a scholarship to The Rock training center in Colorado.
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