As the cost of living continues to rise in America, many families are struggling to make ends meet.
Wage stagnation has further compounded this issue. “Since the early 1970s, the hourly inflation-adjusted wages received by the typical worker have barely risen, growing only 0.2% per year,” according to a 2017 Harvard Business Review report. This means that while the cost of living has continued to rise, wages have not kept pace, leaving many families struggling to make ends meet, and it’s even worse for those who live in large cities.
The burden of the rising cost of living falls disproportionately on vulnerable populations. Low-income families, in particular, are grappling with the harsh reality of choosing between essentials like rent and health care. The lack of affordable housing options and the soaring costs of medical treatment have turned these decisions into impossible dilemmas.
The geographical disparities in the cost of living further exacerbate the issue. While inflation and stagnant wages affect everyone, those living in metropolitan areas face even greater financial strains due to the inflated costs of housing, transportation and other necessities. The dream of city life, once synonymous with opportunities and advancement, is now accompanied by the harsh reality of financial stress and the constant struggle to make ends meet.
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