Source: Zero Hedge
A new study reveals a shocking truth bomb that tens of millions of Americans are struggling to survive in Biden’s ‘Build Back Better’ economy as inflation tears apart working poor households.
Researchers from left-leaning Economic Policy Oxfam America, an anti-poverty advocacy group, published a study Tuesday titled “The crisis of low wages in the US” and found 31.9% of the US workforce, or about 51.9 million workers, are earning less than $15 an hour, equivalent to less than $31,200.
“It’s shameful that at a time when many US companies are boasting record profits, some of the hardest working people in this country — especially people who keep our economy and society functioning — are struggling to get by and falling behind,” Kaitlyn Henderson, the study’s author and senior research adviser at Oxfam America, told CNN.
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Oxfam America points out soaring food, gasoline, and housing inflation has made it difficult for the working poor to survive on low wages. They advocate increasing the federal minimum wage to approximately $15 an hour, above the current $7.25 an hour, where it has been since 2009.
Even if Oxfam America were to get lawmakers on Capitol Hill on board with their plan to increase wages, today’s impact of the biggest energy supply shock since the 1970s has pushed nominal wages higher, though, on a real – or inflation-adjusted basis – earnings have failed to keep up with inflation.
The Biden administration and ‘friendly’ economists have certainly shifted the blame for these stagflationary conditions on Putin’s invasion of Ukraine. However, much of the inflation was already at a four-decade high before the attack in late February.
Meanwhile, last week, the Marie Antoinettes at Bloomberg published an op-ed telling the vast majority of America’s working poor to give up driving and eat lentils to survive the inflation storm.