- Food Banks Across America Report Record Demand And Record Shortages
by Tyler Durden, https://www.zerohedge.com/
Food pantries and food banks are a key economic indicator for tracking poverty levels and financial instability in the US, and in the past few months they have been ringing alarm bells.
Stagflationary pressures have all but wiped out the savings of the average American and driven up credit card debt to historic highs. Only in the past month have credit spending and debt levels begun to slide, but this is more a sign that consumers are tapped out rather than a sign of a return to normalcy. High prices are slowly but surely overwhelming lower wage workers in particular. The average living wage across most US states is around $16 an hour; over 30% of American workers make less than $15 an hour.
Democrats and leftists will of course claim that this is because the Federal Minimum Wage is too low and needs to be increased, but the minimum wage has become irrelevant in the post-covid economy. Many retail and service companies now pay around $11-14 an hour, well above minimum wage, in order to retain workers. And STILL prices are too high for many of these people to keep up with expenses.