These 2022 news headline sound bad until you look at context – over time, the numbers stay much the same – and surveys results are questionable:
As of August, 60% of Americans were living paycheck to paycheck, according to a recent LendingClub report — a number that hasn’t budged much since inflation hit 40-year highs. A year ago, the number of adults who felt stretched too thin was closer to 55%.
Source: Stubborn inflation forces more Americans to live paycheck to paycheck
Notice that phrasing and use of emotional language “Stubborn inflation” “forces” “live paycheck to paycheck, wrapped up with the 40-year reference (which is to inflation, not living paycheck to paycheck).
Some history:
- 2022: 61% or 54% (varies depending on who is counting and how). Update or 63%. It’s a random percentage.
- 2020: 63%
- 2020 April: 63%
- 2019: 59% or 78% yet 76% rated “economic conditions in the US … as very or somewhat good”
- 2018: 70+% or 55%
- 2017: 61% or 78%
- 2015: 62%
- 2014: 44% (???)
- 2013: 76%
- 2012: 68%
- 2010: 77%
- 2005: 28% (???)
40% of those earning >$100,000 per year also say they are living paycheck to paycheck.
33% of those earning $250,000 or more are “living paycheck to paycheck”
When looking at the choice of wording in historical context, this looks like a fake news story hyped by the media. In context, the percentage is similar each year. And it contradicts the other surveys finding a similar percentage think the economy is doing pretty well.
