American workers are feeling the pinch from President Biden’s policies — starting with a pay cut.
As the working class digs into their retirement funds and maxes out their credit cards to pay their bills, they are increasingly tightening their wallets when it comes to discretionary spending. Major retailers from T-Mobile to CVS have announced layoffs in the past month. The number of long-term unemployed Americans increased in July by 59,000, with 4 million working part time to make ends meet.took office and unleashed unprecedented levels of federal spending, inflation has risen 16.
The American people aren’t buying it, with consumer confidence recently seeing its biggest drop in two years due to “souring views on the labor market, higher borrowing costs, and lingering inflation.” Poll after poll shows Mr.Lower-income Americans are being hit hardest by rising inflation, according to studies by the New York Fed, Dallas Fed, and the Urban Institute — as it is essentially a tax on American workers.
With federal student loan repayment resuming in October, pressure on American workers will continue, and retail sales will likely continue to be depressed.claims he’s building the economy from “the middle out and the bottom up.” Yet his rampant spending of taxpayer money has only made America poorer.
Median household incomes for Black, Hispanic and Asian Americans hit record highs in 2019. According to the Council of Economic Advisers, “the poverty rate fell to an all-time record low for every race and ethnic group in 2019.”
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