60% of U.S. workers report income isn't keeping up with inflation
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- Опубликовано: 29 ноя 2023
- Around two-thirds of employed Americans say they have received a pay raise since last October, but 60% say their income hasn't been high enough to keep up with inflation, according to a Bankrate survey. CBS News business analyst Jill Schlesinger has more details.
#news #economy #inflation
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How is it only 60% should be 90%
yeah they are lying
Apparently the median income is 50-60k or $25-30 an hour, yet so many common jobs pay under that...go figure
Because not everyone went out and had kids or maxed out their credit cards on materialistic nonsense
@@AA-iy4gm LMFAO I used to work in a shipyard as the yard manager. I was only getting paid 17 an hour before tax.😂😂😂
Food and electricity has not stopped going up, they simply slowed down
I haven’t gotten a raise in over two years. All my bills are still going up. Groceries are not costing less. Utilities are going up health insurance, car insurance, property taxes all costing me more.
70% of America is feeling the same way
You got A raise 2 yrs ago.... Luckyyyyy
@@whitney1611 I switched jobs to get higher pay and I may do it again because I don’t have anything left to cut out of my budget
It's always been that way for decades. Nothing new. You have to cut back and get a 2nd job.
most people cant do that. because we need sleep, time to eat, pee, etc. damn lazy humans think they are entitled to sleep! back to work, slacker! work will set you free!
Thanksgiving dinner cost me 400$ this year. Last year under 300$. This cant be explained away anymore
Its already been explained its called corprate greed
@@danesullivan5151where was the corporate greed w trump same companies same ceos 😂😂😂 find a new excuse this one not working the covid excuse doesn't work either
@@danesullivan5151 maybe the complainer is the greedy one. All that food for what?
You ate more.
Who the hell spends $400 on Thanksgiving let alone $300, that’s insane and frankly your own fault 🤣
Corporations are making record profits by keeping their prices jacked up.
Why didn't they do this w trump then 😂😂😂😂 find a new excuse this one not working
@@B86432inflation is world wide and has nothing to do with Trump. US is doing better than everyone else!
It could backfire on them because people can always cut back
@@B86432Well perhaps because Trump was out of office in January 2021. Coroprate greed that started due to Covid hasn't stopped 🤷🏽♂️.
@user-nb1oq4co1s That is what people should be doing but we see consumer spending is up. People aren't saving anymore. Luxury spending is through the roof.
if we truly kept up with inflation, minimum wage would be around $21 an hour. i got a new job paying $12 an hour and i thought that was good, but now i just feel defeated.
find a trade or go back to college.
@@RandomEsports1many people have and are still making mediocre wages.
@@quantisha6489there are plenty of jobs out there that pay. People are unskilled and uneducated. My company has plenty of engineering jobs.
Prices are set by supply and demand. So if we increase wages we only make the problem worse. Also, we have way more now than we did in the 70s despite wages not keeping up with inflation. You're forgetting government spending and credit expansion. The government is spending at an excess rate. People are spending at an excess rate when they don't even have the money. If you make 500 dollars a week, that's what you had to spend back then. They had credit but a lot of people chose to save up. That's no longer a thing as people now use credit far more frequently. So if you make 500 a week you can easily spend 3,000 just by using credit. So you created 2,500 dollars out of thin air pretty much. Nothing wrong with credit, but we have to have a balance. For a while we have been so far on the consumer spending side.
@@bane3991the problem is corporate greed. Not consumer spending habits
Housing is ten times higher then in the 1980s
And the other 40% say their food stamps arent keeping up with inflatation.
Can't complain about slow profits, or slow growth, if you don't raise your staff pay in line with your price increases. Higher Prices without Wage Gains has always lead to more theft, slower growth, and higher rates of poverty. When will we learn?!
I agree 100% I was just about to post "What about income inequality and the lack of pay raises, while corporations increase huge profits and do not compensate their workers fairly"
None of that is true. You're making up your own economics here.
Prices are rising due to the increased demand on their products. They're not rising just to rise. It's called "supply and demand". Consumer spending is up. You're only looking at wages and less at savings, government spending, credit expansion, etc.
Other countries that are poorer than us experience less theft. Theft seems to be a cultural thing since you can have 2 different people of 2 different demographics have radically different theft rates.
Slower growth comes from lowering the incentive to innovate and taking the money away from people who are doing it or trying to advance production which means less new products and without production advancing, prices continue to remain higher than they would it it did advance and we get a higher quantity of supply.
So companies should have to raise their wagesr due to US government f*ck ups? Like printing more money devaluing the dollar prices are rising so fast that if they continue we're going to end up in a hyperinflation situation.
@@bane3991it is all relative. You are making up your own economics as well. It depends on perspective. Prices are going up, as well because there was lots of money printed during Corona. So same thing costs more, as a result as well overall spending has increased. However tge wast majority can afford less. So wage inequality has a big part in spending and overall health of economy...
@enrikodavidovs7448 Do you know what supply and demand is? An increase in the money supply will cause an increase in demand due to increased spending from more money.
CBS you just now seeing this? You are two years too late.
You know what kills me is when the rich well paid news anchors or the person they’re interviewing are like “oh wow ya I totally feel the pain too”. Yeah I bet you get paid as much as a retail worker doing the jobs you’re doing on tv.
Also this is our government. Oh good everyone’s hurting, the majority isn’t happy, that means we’re doing it right.
Yea. They seem really broken-hearted 🙄
Inflation is not a feeling. The data shows essential goods and services (food, energy, education, healthcare) have NOT come down in price. Some discretionary, non-essential goods have decreased in price, but still 10-30% higher than pre-pandemic levels.
Yeah they blamed supply chains but now that supply chains are running okay again, companies didn't lower the prices of their products...they used shrinkflation to mask their greed among other things.
I'm living on a $19,000 a year fixed income and I'm just saving up to be poor
We have to take our country back.
@@viralglobal6076 From Whom? 😶
Go to college or trade school and improve your life situation, your life won’t change unless “you” do.
@@natashaf416Thanx for your comment. I'm 66 & recovering from a ❣️ attack & 2 surgeries. 😶
@@natashaf416curious as to what you do for a living
Same job from 3 years ago only difference is today, my expenses are more than my income. Rent is up $500 and Electricity for a 2 bedroom apartment is $500!
How’s that possible.. $500 for electricity? Where do you live?
@@xianx1866wow !! You need to have that checked
$500 electricity for a 2 bedroom is your fault lol
We've said this for the last 3 years and you're finally starting to report on it now.😂
But Joe and Kamala posted that wages are up and gas is down. 😂😂
They just forgot to mention that you make $3k more a year, but your monthly bills are up $1k a month.
Make the same @ best because people are asked to work 10 more hours a week 😂
gas is down for Christmas to make people happy and make them spend, gas prices are expected to increase beginning of next year
The same tactic they used with unemployment. They claim unemployment is at record lows but they dont count the 8 million working age men who checked out of society
and taxes are up, insurance, etc
Gas is not down in California it's up again to almost $6 a gallon
The CEOs make so much money. You could take 5% of their salary spread that out to the rest of the workers and everybody would be happy as f***
Easier to vote red & have groceries 26% less & gas 2$ less 😂
@@B86432yeah fantasies are easier now tell me what their actual plans are to address any of it or is it still 2 weeks away?
@@B86432 Presidents don’t control gas prices, or corporate greed. 🙄
@@rt-420😂😂😂😂 then where was the corporate greed w trump same companies same ceos .....find a new excuse sheep prices have everything to do with projection of future stability which a president does & don't blame COVID either
Don't compare yourself to a ceo
This is why I moved to Thailand I got priced out of america but I still make american dollar working remote and I’m glad my money is worth a lot more here
😂😂😂😂😂😂😂🎉🎉🎉🎉🎉🎉
Same I live in pattaya
It only works if you have a remote job or some kind of residual income.
@@doright8355 yeah I been here for 7 months work online is key
@@doright8355 true so many have no choice but to endure the u.s inflation and do what they can
The other 40% must be management lol
Wait a min CBS, you’ve been saying for *months* how wonderful the economy is and how well everyone is doing 🤡
Yeah it's inflation but it's also greed . It's normal for companies to get rid of their workers who are in the top paying bracket then they hire interns the next day
Prices are determined by supply and demand not greed. If they artificially bump wages up outside the balance supply and demand sets for them they actually lose profits. The reason why is because they sell less of their supply which earns them less money. They need to sell through their entire supply to maximize profits. So they need to set it low enough so that happens.
where I live jobs still pay the same as they did 12 years ago when I graduated
tax the rich
They aren't already taxed?
how much should we tax the rich rat, 95%?
@@doright8355yes
Inflation is out-pacing wages. The dollar buys less..
Keep hearing this but not seeing it. People are acting like they are well off through expensive car and home purchases. Just dont know how its possible without many digging into debt and others pulling equity out of their homes
Agreed, home prices are more expensive than they ever were and people still keep buying but then we keep hearing reports of stagnating wages, increasing costs of food, electricity etc when combined those things together don't make sense, something is hiding underneath, probably a lot of debt like you mentioned.
You really missed a golden opportunity here to look at the impacts of inflation vs. wage raises over the last 2-3 years. According to the BLS CPI Calculator, between Oct 2020 and Oct 2023 (latest data), you would need 18.15% more money to have the same purchasing power in 2023 vs. 2020. If you received a fairly standard 3.5% raise each year, your compounded increase would be 10.87% - leaving a gap of over 7% between your purchasing power in 2023 vs. 2020. You alluded to this briefly, but this really needs to be developed as a detailed backdrop to understand why people are "feeling" like they don't have as much money as they did despite wage raises currently pacing with inflation. Calling it a feeling without developing the underlying data implies that people aren't rational or realistic in their thoughts on inflation vs. wages. Attributing it to renting, car insurance, etc. as the reason for the feeling isn't really the crux of the issue - although those things certainly compound the issue. The truth is that most workers are 7-18% worse off in terms of purchasing power than they were just 3 years ago.
Great point, similarly I was confused about the data around the median income being 50-60k or $25-30 an hour when so many common jobs pay under that. It seems to be a matter of a few very high salaries that are skewing the median but how does that seem like accurate or relevant reporting to regular people, it doesn't...
This is not news, it's partial news or news interpretation... you can see this all over...and before an election year every network will deliver their own partial version of what is actually happening, in order to influence election outcome...it wasn't a missed chance, for them it was a calculated economic decision. The voter's choice might reflect the real state of things...
Compare year over year, we can say inflation rate is 3%. However, compare 2022 to 2021, inflation was close to 10%, and 2021 to 2020, maybe 5%. Now we are talking about 20% inflation compare to 2020. How many people get 20% wage increase compare to 2020? Not enough people, for sure.
They are forgetting during the Covid years also that many people including myself took pay cuts, furloughs, and in many cases raises were out of the question for about 2 years. Prices don’t go down. Only price growth might slow.
Like I said yall just $1416 a month do make ends meet. 1000 a month rent 400 for car payment. Etc. I’m broke every single month and my mom feeds me. No gas to go to doctor every week. Sorry I going to die if something doesn’t happen very soon. 6 toes 9 fingers 23 surgeries in 9 years congestive heart failure type 2 diabetes borderline kidney failure. I fully disabled. When is our government going to care about all of us. Not just some of us.
WORKERS ARE DEMANDING MORE MONEY NOW!
I bet it's way more than 60%. And I don't anyone who has gotten a raise recently.
"I did that!" -Joe Biden
"more money into my family" Trump.
Top 5% of rich needs to realize that economy will not circulate soon if 70% of people can’t afford to eat out, travel and shop.
Yeah, they always seem to ignore, or forget, that if people can't afford what they are selling, than their businesses will suffer.
First we buy less. Then we stop buying altogether. Many of us are already at the stopped buying anything beyond the most essential of essentials.
The choice becomes have food or electricity or water or housing…….
Because those corporates are getting greedier.
So all corporations just decided to get greedy at the exact same time? Interesting. Or maybe it has something to do with the government printing our excess money which devalues the money supply and makes our purchasing power weaker. Demand increases on goods due to the increased money thus causing a price increase.
It has nothing to do with corporate greed. In Zimbabwe prices are doubling every 25hrs. Do you think corporations are doing it just to do it? No, they're responding according to demand. Which is why that started happening the day they went back to their own currency. When they relied on other currencies they didn't experience the inflation.
Ive been applying for jobs in my field (accounting /finance) salaries have gone down. Where senior positions were at least 120k in the last 3 years of my employment down to around 80k or even manager level at 60-70.
Breaking news! Water is wet? This is not news to anyone. 😂
Sounds like someone is wealthy and therefore doesn’t gaf
who the hell do they think is giving out raises that high.....they are not....and if you get a raise everything else went up, so the raise is just keeping you were you were or you are paying out more even though you got a raise.
🎯🎯 As soon as you get a raise, the high cost wipes that out so it’s like you’ve never gotten any raise.
Americans income not keeping up with the Cost of Living.
Housing is a nightmare no matter your income
Nonsense. The news tells me everything is wonderful in bidens greatest economy ever.
LOL 😂
No one says that. 🫤
@@rt-420don't watch the news do you 😂
@@B86432 Of course I do. 🙄
@@rt-420obviously not they talk about it a lot past month nightly
Grateful to be employed but we need a cost of living raise.
The only jobs paying more are those at the bottom everyone else taking pay cuts or working more for the same $ made in 2017
Worst ever🤬
Thanks Lord your salvation
Thanks Lord your peace
Psalm 91. Lord please.......
Housing and healthcare is crazy high.
My pay raise bumped me into paying more federal income taxes. The increased taxes cost me more money out of pocket than my wage increase provided so I have LESS money now than before the increase. 😱
That’s not how taxes work lol. Dollars at a higher tax bracket are worth less. Let’s say if you make below 100k yearly you keep 80 cents of every dollar. For every dollar you make more than 100k you only keep 65 cents for every dollar above that 100k mark. Thats not the actual tax bracket but that’s the concept of how it works. If you’re paying more in taxes then you’ll probably see it in the refund in the next tax season.
Are you a simpleton that's on how taxes work
@GothamsFinest that's not income tax but benefit eligibility... those are separate issues.
Start max out with your 401k, or Roth IRA. This will bring down your tax rate.
I worked for free yesterday...after visiting the gas station.
Rent needs to be reduced every where especially CALIFORNIA.
greedflation
Same companies same CEOs w trump where was the greed? 😂😂😂 Find a new excuses not covid either
@@B86432 dont argue w/ stupid, they'll beat you down w. experience. mark twain
@@khon6339they don't have experience 😂😂😂
No kidding?😂 this should have been addressed long before now
If you don't find a means of multiplying your money, you will wake up one day and realize that the money you thought you had, had been exhausted. Investment is a ladder to climb the financial wall.
record profits
Bidenomics 😢
Duh.....try being on a fixed income
And the other 39% are too busy working to respond. The last 1% is laughing.
But lib king Brandon said economy is doing awsum?
91 criminal counts for your hero Benedict Donald
All due respect... Her view with the pandemic is silly. Come to jersey and see how high everything is!
True!
But apparently the median income is 50-60k or $25-30 per hour...yet it's hard to come by an average person making that much, it exists but it doesn't seem very common so the median income stats sound off...
Medium income is under $35,000
It because all the high inners. Doctors, lawyers, entrepreneurs, tech, earn very high, and then you have trade workers, who are mid earners and then you have unskilled and unprofessional who are low earners. So they average out. Middle class is dying. We have high class and poverty
I think 50-60k only school professors.
It's definitely not the income that's the issue in most cases. The issue with most people, is that they buy stuff they can't afford and ultimately don't need to survive. They're also spending too much on housing or rent. If your housing or rent is more than 25% of your take-home pay, that's too high. 30% should be the absolute highest. You also ideally should not be spending more than 50% on needs. If you have any debt, you should be reducing your needs category as much as possible and not spending any money on any fun or anything else until the debt is paid off.
People's mindsets are ultimately the issue here, not inflation.
Same week I got a raise the rent went up :/
Just Google "how much has Inflation gone up since 2020"
Unemployment at a 2 year high.
Credit card debt at record high. 😮
That's called Bidenomic's folks.
it’s more than just feeling. and i hate that people think waiting until ppl stop spending is a time to address the issue of rising costs. ppl are still buying things because we have to. food, water, housing, internet, and electricity are not free. ofc ppl are still spending money they have no choice
Didn’t fed just say they may have to try to wait for a recession?
INFLATION 3% BUT EXPLAIN ALL THE ITEMS IN THE STORE ATLEAST DOUBLE IN PRICE OVER THE LAST FEW YRS. THE MATH AINT ADDING UP
Inflation is over 55%. 98% of products cannot be bought by the poor. Inflation and gouging energy / housing costs is making people homeless.
I know at least 10 people who complains about inflation, yet they all already went to 2 concerts paying reseller prices and went to 2 football games also on reseller prices....so is hard to feel bad for them if they dnt make rent 😅
60%? That is underreported. It should be 90%.
My pay is not even close to inflation. I am losing buying power for the past few years, every year.
Not to mention, many of us had to take furloughs and salary cuts during the Covid years to help prop up our companies as we were told they would go out of business if we didn’t. May have been true. Either way, we sacrificed. These same companies took ppp money that never had to be paid back. Today the sacrifices are all forgotten about and you get a lady like this telling us that we are worrying too much because price growth has slowed to normal levels.. ignoring the income that many of us had lost in the past 3 years.
What planet is this woman living on?!?!?!
Last year is the first time I've ever heard a pickup truck driver tell the man pumping the gasoline to limit the fill up to $100. I doubt if even 20% of the House or Senate have shopped for groceries in 2023.
60% do say didn't increase with Inflation to say Short fall in Growth Headwinds.
BREAKING NEWS! PEOPLE FEEL POOR! THEY'RE BEING UNDERPAID!
This is way OLD news. Go back 2 decades and you'll see the same complaints about income.
So far so go on the job front???? Layoffs announced all the time. Wake up
This woman knows absolutely nothing!!!!
I’ll be eating p&j sandwichfor a whole year
That sounds like Biden talking points. My pocket book tells me otherwise. We eat out once a month instead of once week. When we do eat out we share a meal. We need a newer car. Right now that is out of our reach. We stopped buying paper towels. Adjustments save us 65 a week, 270 a month, but groceries are very high right now.
It’s crazy how much everything is working 60 hours a week and still can’t afford to eat.
Crazy how dumb actually. What can you expect from the media. “Let’s nerf the reality of this problem so our politicians can get re-elected” lol
You think?. LOL. A 5% pay increase won't help if/when inflation is 9%. It's very simple. 60% is more than half, that many can't be wrong.
A big mac costs a price of a steak now Fast food such fine dining
Gas prices are down lol compared to what 3.60 a gallon isn’t cheap it was 2.00 a gallon 3 years ago.
Fr
NOT what KJP and Kamala say!
It's not a "once in a century event"! History shows a major pandemic is a once in 40 year event...we were overdue...by about 60 years! We could see another in 5 years and still be better than 1 in 40 average! She doesn't know math as much as she thinks. She's also not as hurt by this as over half the country. Clueless reporters...go figure!
Bottom 50% of poorest population of Americans NEED livable wages of no less than $33/Hour! Even that is not enough to buy a gouged home!
Yes we know whats new nothing is going to change!
Where have you been the last 30 years? No duh!
Try being an author and having no income and support. That is tough. We have no savings, hardly any food, and have to go without basic things to survive.
Exactly!! Inflation might be slowing, but prices are not coming back down. For example, look at McDonalds. In January they announced prices would continue rise through 2024 (to cover rising operational expenses). In 3d quarter they announced record profits. In December they announced they were putting brakes on price hikes for now because of less traffic at restaurants. How do you report record profits at the same time you’re losing customers??? By raising prices in January and claiming it is because of operational expenses. Business will have to raise prices to keep profits high as customers cut back on spending.
Dude, since 2020 my salary has gone up a total $2717, divided that by 4 years that 678.25 each year, minus taxes and deductibles and then spread out over 12 months, I’m not even bring home an extra $100 a month, meanwhile my bills, total have gone up by hundreds of dollars a month. So on paper I’m making more but in reality my salary is stuck in 2019, I wish I was paying 2019 rent from $ 875 a month to 1300 a month, car insurance from$ 96 a month to $ 138 and let’s not even talk about the rip off of health insurance. You pay for them to cover virtually nothing especially with that deductible BS. Meanwhile, the CEO of my company makes $25 million a year, not including his annual bonus which rank-and-file people don’t even get. If it wasn’t for Doordashing after work and on the weekends, I would be toast.
80 million of you 60% voted for this stop whinning you won.
In other news water is wet.
I bet it's more like 75 80%
This is beautiful
The 9 is upside down
People love to complain
hmm if my company stopped increasing the days of hybrid work in the office, inflation wouldn't impact me that much. Working from home equaled less consumption. Coming in the office just adds unnecessary expenses. There is the cost for commute, the cost to wear and maintain professional attire and to meet engagement expectations money is spent on eating out and other social activities. Working from home gets the job done without the frivolous spending. If I can get the job done wearing a faded 10 year old t-shirt and boxer shorts then companies should let it be!
you got a report from the government hahhaa so that means you have what they want you to know
It’s bad!!!!