Are you feeling the pinch of the cost-of-living crisis? You are not alone. A recent report shows that three-quarters of Americans do not feel financially secure, with the prices of essentials like housing, food, and transportation skyrocketing. In fact, a family now needs an annual income of $186,000 just to feel comfortable – more than twice the average full-time worker's earnings.
With inflation outpacing wage growth over the past few years, it is no surprise that 70% of Americans are stressed about their finances. The middle class is finding it increasingly difficult to maintain their standard of living, as the prices of necessities continue to rise.
The source of this inflation and economic turmoil is excessive government spending. When the radical left took control of Congress and the White House, spending reached unprecedented levels, leading to massive deficits and a ballooning federal debt. The Federal Reserve had to step in to literally create money to fund this spending, devaluing the currency and causing prices to soar.
As a result, American families are struggling to make ends meet, with many turning to credit card debt to cover expenses. The combination of high prices and high interest rates has pushed many families into financial hardship, with the cost of living now equivalent to losing $8,000 in annual income compared to just a few years ago.
The housing market has been particularly hard hit, with mortgage payments soaring by 120% in just three and a half years. The cost of homeownership has more than doubled, making it increasingly unaffordable for the average American family.
Despite the challenges facing the middle class, the radical left continues to push its big-government agenda, imposing additional costs and regulations that further strain family budgets. It is clear that urgent action is needed to address the cost-of-living crisis and ensure that all Americans have the opportunity to thrive.