Inflation and higher interest rates have caused 40 million families, 29% of U.S. households, to struggle to afford the basics, putting them precariously just above the poverty line, CNBC reports.
Currently, 37.9 million Americans, or 11.5% of the population, live in poverty. An individual earning $12,280 a year or a family of four subsisting on $26,500 or less is considered impoverished, according to the U.S. Department of Health and Human Services.
“ALICE is the nation’s child-care workers, home health aides or cashiers heralded during the pandemic — those working low-wage jobs, with little or no savings and one emergency from poverty,” says Stephanie Hopes, national directed at United for ALICE. There are many lower middle-class Americans “who can just cover current needs but not easily generate a surplus to cover the cost of a home or investments like stocks or bonds,” House continues.
Department of Labor data shows that average hourly earnings have risen only 0.6% in the past year. Inflation has cumulatively risen 17% under President Biden. The latest consumer price index for March showed inflation ticking back up to 3.5%.
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