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Americans believe pay raise needed to keep up with soaring inflation

Friday, 02 September 2022 7:39 PM [ Last Update: Friday, 02 September 2022 7:39 PM ]

In this file photo taken on July 13, 2022, a woman checks items from the refrigerated section while grocery shopping at a supermarket in Alhambra, California. (AFP photo)

A latest poll has shown that most Americans believe their employers could help by giving them a pay raise to keep up with soaring inflation in the United States.

Soaring inflation in the United States reached a level unprecedented in past decades prompting officials to sound the alarm about the country's dire economic situation.

In this regard, US Treasury Secretary Janet Yellen warned Congress lawmakers months ago that the faced nation "unacceptable levels of inflation" and an appropriate budgetary measures were needed to help reduce inflationary pressures without damaging the economy.

US faces 'unacceptable levels of inflation': Treasury secretary

US Treasury Secretary Janet Yellen has told senators the United States faces "unacceptable levels of inflation".

The survey by WalletHub found that 87 percent of Americans believe they should receive a raise to meet souring inflation.

WalletHub Labor Day survey also showed nearly a third of Americans were worried about job security.

Nearly three-fifth of the 350 adults interviewed in the survey from across the country from August 15 to August 19 said they were not better off financially compared to last year, and more than half of those interviewed said they had made no plans to go traveling due to the hiking prices of all commodities, particularly gasoline which doubled under the Biden administration.

Gas prices in US doubled under Biden administration

The gasoline prices have hit another all-time high in the United States, as President Joe Biden continues his war on American energy, amid the conflict in Ukraine.

“Inflation this year has increased the price of pretty much everything, but the record levels we see are in large part driven by energy costs and by labor shortages, and through labor shortages into higher wages,” Michael D. Noel, an economics professor at Texas Tech University told WalletHub.

“For those already commanding a higher salary sufficient to keep up with inflation, and there are many, inflation is largely a wash. For those without, travel will necessarily be more expensive at least for the time being,” he noted.

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