POLL: Two-Thirds of Workers Claim Incomes Haven’t Caught Up With Inflation
Jose Nino
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According to a recent Rasmussen poll, 66% of American adults who work full-time claim that in the last two years their income has not matched the rate of inflation. 29% said that their income has matched the pace of inflation.
51% of Americans with full-time employment indicated that they
have worked more hours or are working an additional job to have their income keep up with inflation, whereas 47% have not pursued extra forms of employment
For lower income workers, 58% of individuals making less than $30,000 annually, and 63% of workers making between $30,000 and $50,000 annually, indicated that they have worked more hours or taken an extra job to maintain pace with inflation. By contrast 38% of individuals making between $100,000 and $200,000 annually and only 19% of full-time workers making over $200,000 annually stated they’ve worked more just to keep up with the pace of inflation.
When it comes to all adult workers, 53% indicated that they have a full-time job, whereas 47% are not currently employed on a full-time basis.
51% of white adult workers, 53% of black adult workers, and 60% of non-black minority adult workers indicated that they have full-time employment. Of those working full-time, 64% of whites, 62% of blacks, and 71% of non-black minorities revealed that their income has not caught up with inflation in the last two years. 48% of whites, 50% of blacks, and 57% of non-black minorities report working additional hours or finding an extra job just to keep up with the rate of inflation.
60% of Democrats, 51% of Republicans, and 49% of independent voters are working full-time jobs. 33% of Democrats with full-time employment stated that their income has kept up with the rate of inflation. By contrast, 30% of Republicans and 23% of independents share this view.
In a similar vein, government employees are more likely than their private sector worker counterparts to state that their income has caught up to inflation.
Inflation is a nasty beast. It functions as a hidden tax that wipes out the savings of the middle class and makes individuals close to the central banking system filthy rich. Should the US’s inflationary bout continue apace, the country will begin to experience Latin American styles of inequality.
The US can still avoid this fate. However, it will require that its ruling class start embracing sound money policies and competing currencies. This will stabilize inflation and allow for Americans to build real, generational wealth.
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