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Despite low unemployment levels and a booming economy, 62 percent of Americans say they are no better off financially than they were two years ago, and poor people are faring the worst, according to a new survey.
More than three-quarters (78 percent) of Americans who make less than $30,000 a year say that their financial situation - including salary, savings and retirement - hasn't improved. In addition, 27 percent said it's actually worsened since President Trump took office, according to the survey of 1,001 Americans by Bankrate.
Improvement - Americans - Finances - Work - Bankrate
'We've seen some improvement for Americans and their finances, but there's more work to do,' Bankrate economic analyst Mark Hamrick told DailyMail.com. 'There's an incredible variation on the experience of individuals in our society and our nation.'
At the same time, 54 percent of Americans earning $75,000 or more per year said they have seen their financial outlook improve since 2016, and 26 percent said their circumstances became 'much better' during that period.
'We - Republican - Income - Tax - Cut
'We know that the (Republican) income tax cut favored wealthier individuals so they've been reaping those dividends,' Hamrick said. 'Less so for low-wage earners. We know income inequality has been a problem for our country for some time and that has been exacerbated recently.'
That is despite unemployment reaching 3.7 percent - the lowest it's been since 1969, when just 3.5 percent of the country was jobless. In addition, Gross Domestic Product - the value of all goods and services produced in the country - increased at an annual rate of 4.2 percent in the second quarter of 2018, a sign of economic strength.
Problem - Income - Inequality - Rise - Nationwide
The problem is that income inequality remains on the rise: nationwide, the average difference between the top 1 percent of earners and everyone else is $1,047,435 - a factor of 21.4 times, according to the Economic Policy Institute.
Experts at EPI...
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