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The Daily Signal also weighed in on the survey, emphasizing that the struggle to catch up with inflation is far more severe than it may seem. The gap between nominal wages and inflation-adjusted wages since 2021 is a staggering 20%, meaning that while workers may appear to be earning more, they have actually lost thousands in real income. The outlet further suggested that if the official inflation figures are inaccurate—a claim supported by the rising costs of everyday items—workers may be losing even more money each month.
To put this into perspective, the official inflation rate since the onset of COVID-19 stands at 21%. However, fast-food prices, which are often used as a measure of true inflation, have more than doubled. Additionally, housing costs have skyrocketed, with both home prices and mortgage rates increasing dramatically since the pandemic began. If these real-world prices are more reflective of actual inflation, the financial losses for workers could be even more substantial.
The survey also revealed that many Americans are being forced to take drastic measures to stay afloat. According to CNN, 35% of respondents—more than one-third—have taken on additional part-time work to make ends meet. This includes 44% of Black individuals, 52% of Latinos, and nearly half of workers under the age of 45. This trend underscores the widespread financial desperation that many Americans are facing.
“That explains why jobs are rising on paper, yet the actual number of employed Americans is plunging—down 600,000 in the past eight months alone,” the Daily Signal added. This stark statistic highlights the disconnect between job creation and actual employment, suggesting that many Americans are taking on multiple jobs just to survive.
The poll also showed that over two-thirds of Americans are cutting back on grocery spending, and almost half are driving less to save on gas. Additionally, four in ten Americans are relying on credit cards to cover essential expenses such as groceries and fuel, further illustrating the financial strain they are under.
Recent data from the Labor Department further underscores the dire economic situation. Employers added just 114,000 jobs in July, falling well short of the 175,000 that LSEG economists had predicted. Moreover, the unemployment rate unexpectedly rose to 4.3% from 4.1%, marking the highest level for the jobless rate since October 2021. This unexpected rise in unemployment has only added to the economic woes that many Americans are currently facing.
The economy has become a key issue for voters as the election cycle heats up. Vice President Kamala Harris, now the Democratic Party’s nominee, has repeatedly promoted the administration’s economic policies, known as “Bidenomics.” However, the Biden-Harris administration has overseen some of the highest inflation rates in decades, leading many to question the effectiveness of these policies.
Brutal “Pocket Weapon” Stops Hearts (discounted for next 78)
“Temperatures might be hot around the country, but there’s no summer heatwave for the job market,” said ManpowerGroup North America president Becky Frankiewicz. “With across-the-board cooling, we have lost most of the gains we saw from the first quarter of the year.”
The administration’s handling of the economy has not gone unnoticed by voters. A May poll conducted by Financial Times-Michigan Ross found that former President Donald Trump was leading President Joe Biden by 8 points in terms of trust on economic matters, with 43% of respondents expressing confidence in Trump’s ability to manage the economy compared to 35% for Biden. Subsequent surveys have also shown that more Americans trust Trump to be a better steward of the economy than Harris.
“In another worrying sign for the White House, the monthly FT-Michigan Ross survey has consistently found voters trust Trump more than Biden when it comes to handling the economy,” noted the poll analysis. This sentiment has only grown stronger, with Trump gaining 2 points since the previous survey.
Only 28% of voters believe that Biden has had a positive impact on the economy, while 58% disapprove of his economic policies. This sharp disapproval rating underscores the challenges that the Biden-Harris administration faces as it tries to navigate the country through these difficult economic times. As the election approaches, the economy will undoubtedly remain a central issue for voters across the nation.
