Financially 'stressed': Biden's inflation harming many workers' pay

Joe Biden delivers remarks at a celebration event for the passage of the Bipartisan Safer Communities Act, Monday, July 11, 2022, on the South Lawn of the White House. (Official White House photo by Adam Schultz)
Joe Biden delivers remarks at a celebration event for the passage of the Bipartisan Safer Communities Act, Monday, July 11, 2022, on the South Lawn of the White House. (Official White House photo by Adam Schultz)

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Joe Biden’s economy has produced high gasoline prices, soaring inflation that has approached double digits and rising – and now falling – home prices.

Workers say they are hurting as a result.

According to the Daily Wire, a report from Workplace Benefits pointed out that more and more Americans are feeling pressure to their “financial wellness.”

Including three-fourths of those surveyed who said the skyrocketing cost of living is outpacing their wages.

The report explained, “71% feel the cost of living is outpacing growth in their salary or wages. This is having an impact on employees’ overall feeling of financial wellness.”

That figure is up from the 58% registered in February, and 80% of the workers expressed concern about inflation.

“Almost two-thirds of workers, 62%, are stressed about their finances despite being employed,” the Daily Wire reported.

Lorna Sabbia, for Bank of America, said in the report, “Employees are feeling stressed by current economic conditions and they are looking for help from their employers across a range of financial and other wellness topics.”

Major concerns for a majority of Americans are inflation, gas prices and housing costs, which have come down slightly in recent weeks. But food, utilities and retail items, under Biden’s economy, continue to see prices soar.

Utilities are up 16.3% in a year, while overall inflation is nearing double digits. Electricity prices alone are up 33% in a year, and while a poll from Bankrate reported 48% of American workers got a pay raise in the last year, and 21% found higher-paying jobs (some got both), 39% got neither.

And only 39% reported their raise or better-paying job was enough to keep pace with inflation.

It was a report at Breitbart that said the biggest asset for most Americans, their home, also was falling in value.

“Home prices fell in July compared with the previous month, according to the S&P CoreLogic Case-Shiller Index. This is the first national decline since 2012,” the report said.

The month-over-month drop was 0.3% while “the 10-City and 20-City composites both posted decreases of -0.8 percent.”

“Although U.S. housing prices remain substantially above their year-ago levels, July’s report reflects a forceful deceleration,” Craig J. Lazzara, managing director at S&P DJI, said in a statement. He said that the 2.3 percent difference between the June and July monthly rates of gain is the largest deceleration in the history of the index.”

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