A study answers, Did wages keep up with inflation?
No Surprises Here, The 2021 Increase in Wages Was Wiped Out by Inflation
According to the Penn Wharton Budget Model, the much anticipated 2021 increase in wages has been wiped out by inflation. This is a surprise to no one, least of all the millions of Gen Z and Millennial workers who have borne the brunt of the economic fallout from the pandemic.
In case you were wondering, your paycheck doesn't go as far as it used to because inflation has been steadily eroding its value for years. According to PWBM, most families that make between $20,000 and $100,000 a year are the ones who suffer the consequences the most. In contrast, wealthier households saw their earnings go up by more than what it costs to live comfortably.
So there you have it. The next time someone tells you that the economy is doing better than it was during the Great Recession, just remember that they're probably not considering the effect of inflation. And even if they are, chances are they're not living on your salary.
So, what can you do? The majority of individuals are discussing how to cut expenses and save money. It's challenging to save money when there isn't enough money. Making money is also simpler than saving money.
Yes, increasing your income is possible even during an economic downturn. It just takes a little creativity and resourcefulness.
Here are some tips:
Find creative ways to make extra money: These days, thanks to the internet, there are many ways to make extra money. You can start a blog, launch an e-commerce store, or even offer consulting services. If you have some skills
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