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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.
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.
The rulers are coming for every bit of wealth the slave class generates.