63% of Americans live paycheck to paycheck: Report
Ramin Mazaheri
Press TV, Chicago
New data shows that the United States economy ended its recession last quarter, but there is widespread admission across the mainstream media that the official numbers don’t capture the depth of economic difficulties.
At 2.6% in the third quarter it was the first sign of GDP growth in 2022. However, if the vast increase in the sales of arms and gas to Europe are excluded, then the US economy would have shrunk 0.2%, thus remaining in recession.
So what’s truly keeping the US economy afloat is the lack of a diplomatic solution to the unrest in Ukraine.
Many point to non-governmental data for the true state of the economy: A new survey shows that a stunning 63% of Americans are living paycheck to paycheck.
With inflation at levels unseen in nearly four decades, credit debt at levels unseen in three decades and unemployment expected to soar this winter, most economists are predicting a return to recession, known as a “double-dip recession”.
The lack of broad economic stability is the primary reason that the Democratic Party is polling to lose control of Congress in the midterm elections on November 8.
That would create a divided government and make implementing economic solutions at the federal level even harder. That is fueling even more pessimism about the future, which will then create even more Americans who are just one paycheck from disaster.
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