By TIPP EDITORIAL BOARD, TIPP Insights

You aren’t alone if your paycheck is not going far these days and you can’t save at the end of the month. You’ll be glad to know that two-thirds of your fellow citizens are just like you.

As the protracted Bidenflation takes its toll, Americans can barely make ends meet.

The latest Golden/TIPP survey of 1,359 adults taken last week shows that one-third live paycheck to paycheck.

TIPP studied 36 demographic groups for this report. Of the 36 groups, over 50% of 34 were living paycheck to paycheck, making the phenomenon the “norm.”

The two exceptions with less than 50% are those aged 65+ and households with $75K+ income.

Here are the shares of people living paycheck to paycheck by age and income.

• 61% of the 18-24 age group
• 76% of the 25-44 age group
• 71% of the 45-64 age group
• 46% of the 65+ age group
• 82% of households with income under $30K
• 69% of $30K-$50K households
• 59% of $50K-$75Khouseholds
• 46% of $75K+ households

Real income, also known as real wage, is the amount of money earned after adjusting for inflation. Real income is distinct from nominal income, which does not include such adjustments.

Wages are stagnant. U.S. real average weekly earnings, measured year-over-year, have been in the negative territory for eighteen months.

Emergency Savings

While living paycheck to paycheck, Americans cannot save for a rainy day. Over a quarter (26%) have $0 in savings. Another 21% have under $1,000. Thus, nearly one-half (47%) have under $1,000 put away to meet emergencies.

The overall savings average for all Americans who participated in the survey is $929.

As inflation takes its toll, Americans’ saving rate has dramatically declined. It hit 3.7%, the lowest since 2008.

Just like Uncle Sam, with no savings, Americans are forced to rely on their credit cards when they bump into an emergency. Americans’ credit card debt is at an all-time high at nearly a trillion dollars.

Though year-over-year CPI inflation eased in October, it is still elevated at 7.7%. The White House celebrated: “Today’s report shows that we are making progress on bringing inflation down, without giving up all of the progress we have made on economic growth and job creation.  My economic plan is showing results, and the American people can see that we are facing global economic challenges from a position of strength.”

A position of strength? What a jaw-dropping statement!

Mr. President, Bidenomics is an utter failure. The nation’s debt is over $31 trillion. For Americans, paycheck to paycheck is the norm, and over a quarter don’t have a dime for an emergency. Like your media friends, your chest beating shows how you live in an alternate universe.

Tomorrow, we’ll examine the TIPP CPI, which measures Bidenflation, i.e., inflation under President Biden’s watch, in detail.

READ MORE BY TIPP INSIGHTS

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