The average price of 'meals at limited services eating places' has outpaced wage gains for workers, with prices up 31% compared to average hourly earnings up 25%.
Higher credit card interest rates, with an average APR of 22%, are hitting poorer Americans the hardest, as a record 9% of credit card balances have fallen into delinquency over the last year.
Wealthier households, benefiting from low fixed-rate mortgages, are less affected by the Federal Reserve's aggressive rate hikes, with the S&P up 12% and moving closer to new record highs.
Economists debate the impact of wage growth under Biden when inflation is considered, with indications that Americans are making less money after adjusting for inflation in five out of eight scenarios.
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