Americans Think Inflation Is Erasing Their Hard Work: Survey

Labor Day is approaching and most Americans feel that their hard work doesn’t mean much.

According to a new survey by the personal finance company WalletHub74% of people believe inflation wipes out their hard work. And nearly two in three Americans say inflation is affecting their Labor Day plans.

In June 2022, inflation peaked at 8.5%—the highest rate since 1982. That year, the average rate of inflation, as measured by the Consumer Price Index, was 8%. Since then, it has been on a downward trend, averaging 4.1% in 2023.

But even if inflation is coming down from its peak, that doesn’t mean its effects have disappeared. In the last four years, food prices they got up 22% alone in the US.

Some positive news, according to WalletHub, is that 67 percent of Americans say they are doing better financially than they were last time. Labor Day. But exactly the same amount of people also feel they are working harder this year than last year.

However, ninety-three percent of people surveyed want an increase to keep up with inflation.

WalletHub reports that one in three people report overspending on Labor Day sales, which may be in part because two-thirds said they were excited about good deals for the long weekend.

Cathy Carey, a professor at the University of Southern Indiana, suggested that inflation-weary Americans should go on a “staycation” for Labor Day.

“Hosting backyard barbecues is a fun and cost-effective way to celebrate, although prices for beef and other meats, which are already at all-time highs, tend to rise around major holidays due to higher demand,” Carey told WalletHub.

-Rocio Fabbro contributed to this article.