Flat wages have persisted for years while cost of living has increased. This disparity has left the majority of Americans unable to contend with a $1,000 crisis.
Mitchell Timme, 26, said that his wages have remained flat for the last few years while his cost of living has increased.
Once everything is paid there’s nothing left to save
“It definitely adds stress to everyday life. It hangs over you. While it’s not something you would complain about every day, it’s there. And it weighs on you,” Timme said, who works at a security company in Phoenix.
Majority of Americans in the Same Boat
Mitchell is not alone. According to an Associated Press poll, two-thirds of Americans are in similar shape. Per the results, as many as 75% of Americans would have difficulty covering an unexpected $1,000 bill.
That percentage “shrinks” to 2/3rds for Americans earning over $50,000. Still, the majority of Americans would have difficulty covering an unexpected cost such as a hospital bill.
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