Friday 21 October 2022

Report: Inflation Forcing Over Half Of Americans To Consider A Second Job

 

Biden’s inflation is hitting families extremely hard.

According to a new survey, over half of Americans are now considering getting a second job.

The survey from Qualtrics found that 38% of workers have already looked for a second job — while another 14% said they plan on finding a second job.

Bloomberg reported: 

Over half of working Americans have considered holding multiple jobs to pay their living expenses as inflation remained stubbornly high in September and real wages fell.

About 38% of workers have looked for a second job, while an additional 14% have plans to do so, according to a survey of more than 1,000 full-time US employees by Qualtrics International Inc., which makes software used by over 16,000 organizations. At the same time, 18% of working adults said they had moved to an area with a lower cost of living to cut expenses, and another 13% plan to do so.

Americans are trying to get more shifts to work and find higher-paying jobs to deal with the decade-high inflation.

40% of American consumers told financial services company Primerica that they are taking on more credit card debt.

CBS News reported:

To cope with higher costs, some workers are seeking more shifts or hours from their employers, while others say they’re looking for a higher-paying job, noted Qualtrics, a maker of business management software. Almost 6 in 10 want the chance to work overtime or extra shifts, while about 4 in 10 have searched for a new job with higher pay.

Meanwhile, more Americans are putting expenses on credit cards as their wages lag inflation. Almost 40% of consumers told financial services company Primerica they are taking on more credit card debt, a 6 percentage-point increase since June.

But accruing credit card debt carries more financial risks than a year ago. Because of the Fed’s rate hikes, credit card companies are charging much higher interest than in 2021. That could lead to a snowball effect if consumers can’t pay down their balances and incur higher interest rates.

A middle-income family with two kids now has to spend $26,011 to raise a child to the age of 17.

Brookings.edu:

In a new analysis,[1] we looked to the 17-years between 1980 and 1997, another period of substantially elevated inflation rates. The average Consumer Price Index increase during that period—which included a decline in inflation following Fed actions—was 4 percent.

We then re-calculated the projected cost of raising a child assuming a 4 percent inflation rate from 2021 to 2032. We estimate that total average family expenditures on a child born in 2015 to a middle-class family with two children, adjusted for higher expected future inflation, would be $310,605. Due to higher inflation, a middle-income married family with two children will now spend $26,011 more to raise a child to the age of 17.

This cost increase presents an even heavier burden for low-income parents and families, for whom expenses such as food, housing, and gas comprise an even larger portion of their income.

This is Joe Biden’s economy.

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