October 21, 2023
Inflation has dealt a crushing blow to families with an annual income of less than $40,000 a year. Sixty-six percent reported hardship to severe hardship. Say you have an income of $37,000 a year. After inflation over the past three years, your family has had to get by with what amounts to a $7,400.00 cut in spendable income. Americans in the middle class are getting especially squeezed says a report by the Congressional Budget Office. For them, prices have increased far faster than their income.