{"id":1529512,"date":"2022-06-27T14:34:13","date_gmt":"2022-06-27T18:34:13","guid":{"rendered":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/?p=1529512"},"modified":"2022-06-27T14:34:16","modified_gmt":"2022-06-27T18:34:16","slug":"soaring-inflation-has-made-living-paycheck-to-paycheck-the-main-financial-lifestyle-in-america","status":"publish","type":"post","link":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/soaring-inflation-has-made-living-paycheck-to-paycheck-the-main-financial-lifestyle-in-america\/","title":{"rendered":"Soaring Inflation Has Made Living Paycheck-To-Paycheck The \u2018Main Financial Lifestyle\u2019 In America"},"content":{"rendered":"<aside class=\"mashsb-container mashsb-main mashsb-stretched\"><div class=\"mashsb-box\"><div class=\"mashsb-count mash-medium\" style=\"&quot;\"><div class=\"counts mashsbcount\">24<\/div><span class=\"mashsb-sharetext\">SHARES<\/span><\/div><div class=\"mashsb-buttons\"><a class=\"mashicon-facebook mash-medium mash-nomargin mashsb-noshadow\" href=\"https:\/\/www.facebook.com\/sharer.php?u=https%3A%2F%2Fwww.conservativenewsdaily.net%2Fbreaking-news%2Fsoaring-inflation-has-made-living-paycheck-to-paycheck-the-main-financial-lifestyle-in-america%2F\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Facebook<\/span><\/a><a class=\"mashicon-twitter mash-medium mash-nomargin mashsb-noshadow\" href=\"https:\/\/twitter.com\/intent\/tweet?text=&amp;url=https:\/\/www.conservativenewsdaily.net\/breaking-news\/?p=1529512&amp;via=ConservNewsDly\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Twitter<\/span><\/a><a class=\"mashicon-subscribe mash-medium mash-nomargin mashsb-noshadow\" href=\"#\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Subscribe<\/span><\/a><div class=\"onoffswitch2 mash-medium mashsb-noshadow\" style=\"display:none\"><\/div><\/div>\n            <\/div>\n                <div style=\"clear:both\"><\/div><\/aside>\n            <!-- Share buttons by mashshare.net - Version: 4.0.47--><p>More than 150 million American adults are living <a href=\"http:\/\/dailywire.com\/topic\/economy\">paycheck-to-paycheck<\/a> amid soaring <a href=\"http:\/\/dailywire.com\/topic\/inflation\">inflation<\/a>, a poll from LendingClub and PYMNTS revealed earlier this month, a drastic increase from levels reported at the same time last year.<\/p>\n<p>The <a href=\"https:\/\/www.pymnts.com\/wp-content\/uploads\/2022\/05\/PYMNTS-New-Reality-Check-June-2022.pdf\">survey<\/a> of more than 4,000 Americans showed that \u201cconsumers in all income brackets \u2014 including those who make more than $100,000 annually\u201d \u2014 are devoting nearly all of their salaries to paying their expenses, with little to nothing left over for savings.<\/p>\n<p>In April 2021, when year-over-year consumer price <a href=\"https:\/\/www.usinflationcalculator.com\/inflation\/historical-inflation-rates\/\">inflation reached 4.2%<\/a>, and the economy continued to rebound from the previous year\u2019s recession, roughly 52% of consumers were living paycheck-to-paycheck, according to the survey. In April 2022, when consumer inflation was 8.3%, that figure rose to 61%.<\/p>\n<p>\u201cInflation will most likely be part of the economic picture for many months to come, and consumers living paycheck to paycheck of all income brackets will need to review their financial situations and plan their spending accordingly,\u201d the survey report concluded.<\/p>\n<p>As of May 2022, consumer inflation reached <a href=\"https:\/\/www.dailywire.com\/news\/inflation-reaches-8-6-setting-new-four-decade-high\">8.6%<\/a>, while inflation faced by producers remained elevated at <a href=\"https:\/\/www.dailywire.com\/news\/inflation-for-businesses-continues-at-double-digit-pace\">10.8%<\/a>.<\/p>\n<p>Nearly 80% of Americans earning less than $50,000 reported living paycheck-to-paycheck \u2014 36% \u201cwith difficulty\u201d and 44% remaining \u201ccomfortable.\u201d Among Americans earning between $50,000 to $100,000, more than 63% said they were living paycheck-to-paycheck. Struggles with making monthly costs extended to higher income brackets, with 36% of those earning over $250,000 reporting the same tight financial lifestyle.<\/p>\n<p>High inflation in the month of May was <a href=\"https:\/\/www.dailywire.com\/news\/here-are-the-products-gutting-your-bank-account-as-inflation-soars\">largely driven<\/a> by soaring energy costs. The price of fuel oil rose 107% year-over-year, gasoline rose 49%, utility gas service rose 30%, and electricity rose 12%. Likewise, food prices continued to increase, with the cost of meat, poultry, and fish rising 14.2% year-over-year.<\/p>\n<p>Rising price levels are a significant factor behind consumer sentiment plummeting to its lowest level in seven decades, according to the University of Michigan\u2019s benchmark Survey of Consumers. Because the United States economy largely centers upon consumer spending, the economic pessimism could point toward a looming <a href=\"http:\/\/dailywire.com\/topic\/recession\">recession<\/a>.<\/p>\n<p>\u201cConsumers across income, age, education, geographic region, political affiliation, stockholding and homeownership status all posted large declines,\u201d Survey of Consumers Director Joanna Hsu said in a statement, per <a href=\"https:\/\/www.cnn.com\/2022\/06\/24\/economy\/consumer-sentiment-final-read-june\/index.html\">CNN<\/a>. \u201cAbout 79% of consumers expected bad times in the year ahead for business conditions, the highest since 2009.\u201d<\/p>\n<p>President Joe Biden has deflected on the issue of rising price levels, <a href=\"https:\/\/www.dailywire.com\/news\/biden-claims-inflation-is-worse-everywhere-but-here-thats-not-even-close-to-true\">claiming<\/a> that \u201cPutin\u2019s Price Hike\u201d is the primary cause of skyrocketing inflation.<\/p>\n<p>\u201cHigh gas prices at the pump, energy, and food prices accounted for around half of the monthly price increases, and gas pump prices are up by $2 a gallon in many places since Russian troops began to threaten Ukraine,\u201d Biden said. \u201cEven as we continue our work to defend freedom in Ukraine, we must do more \u2014 and quickly \u2014 to get prices down here in the United States.\u201d<\/p>\n<p>President Biden also recently <a href=\"https:\/\/www.dailywire.com\/news\/thats-not-true-peter-doocy-throws-cold-water-on-white-house-claim-inflation-is-worse-everywhere-but-here\">alleged<\/a> that inflation is \u201cworse everywhere but here.\u201d Indeed, several other developed countries \u2014 including Germany, the United Kingdom, Canada, Italy, and South Korea \u2014 are enduring higher inflation than the United States, according to recent data from the Organization for Economic Cooperation and Development (OECD). The international organization recently hiked its inflation forecasts for the United States from 4.4% to 5.9% \u2014 a level exceeding expected rates for Australia, France, South Korea, Norway, Switzerland, and Japan.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>More than 150 million American adults are living paycheck-to-paycheck amid soaring inflation, a poll from LendingClub and PYMNTS revealed earlier this month, a drastic increase from levels reported at the same time last year. The survey of more than 4,000 Americans showed that \u201cconsumers in all income brackets \u2014 including those who make more than &#8230;<\/p>\n","protected":false},"author":99,"featured_media":1516013,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_mo_disable_npp":"","fifu_image_url":"","fifu_image_alt":"","footnotes":""},"categories":[],"tags":[],"class_list":["post-1529512","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry"],"_links":{"self":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/1529512","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/users\/99"}],"replies":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/comments?post=1529512"}],"version-history":[{"count":0,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/1529512\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media\/1516013"}],"wp:attachment":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media?parent=1529512"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/categories?post=1529512"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/tags?post=1529512"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}