by Mac Slavo, SHTF Plan:
In the face of inflation and and a skyrocketing national debt, the average everyday American is rapidly watching their spending power evaporate. The mainstream media is reporting that the number of Americans with declining incomes is increasing.
A much higher cost of living is taking its toll on the average American just trying to get by. But even those with six-figure incomes are starting to feel the pinch of inflation and the devaluation of the U.S. dollar.
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BRICS Continues Plans To Ditch The U.S. Dollar
Government Spending Continues To Fuel Inflation
The number of United States adults with declining incomes has soared in recent weeks in a sign of a weakening labor market, Bloomberg reported on Wednesday. U.S. inflation-adjusted household income fell in 2022 by the most in over a decade, highlighting the toll of a higher cost of living and the expiration of pandemic-era programs. Additionally, the share of households facing a drop in their incomes rose from 10.7% in August to 11.8% last month, the outlet said, citing a survey of the U.S. labor market by data intelligence company Morning Consult.
About 20% of adults polled, who earn $100,000 or more annually, reported that they expected their incomes to drop in the next four weeks.
The share of employees who reported working over 35 hours fell to 46.7%, representing a 12% drop from September 2022. The decline marked the lowest level since the spring of 2021, signaling a slowdown in US business activity, the survey revealed. The most cited reason by respondents was soft business conditions.
According to a report by RT, the income and poverty data released by the U.S. Census last month showed how deeply the country’s economic conditions were affected by the COVID-19 crisis and the government’s response to it. The measure of child poverty more than doubled following the expiry of pandemic-era child tax credits last year amid the worst inflation in 40 years, which has undermined household spending power.
