Families going into debt as inflation slashes wages
Prices are up. Wages are down. And families are falling deeper into debt as they struggle to keep up with soaring costs.
According to CNBC, Americans took an average 2.4% pay cut last year as high inflation burned through paychecks.
Worse, families are now being driven into debt to keep up with soaring costs. Average household debt is increasing quickly, now up 6.2%from a year ago.
“Democrats’ reckless spending set off an inflation crisis that’s driving costs up, wages down and forcing hard working families further into debt to keep up,” said CLF Communications Director Calvin Moore. “Families are falling behind and Democrats’ failed policies keep making it worse.”