Affordability crisis looms over holiday season

(CNN, POOL) – The current cost of living for many is looming over this holiday season as consumers may head out to shop.

Plus, new data released Friday shows Americans’ paychecks are not going as far as they once did.

Najee Kinard, a recipient of Supplemental Nutrition Assistance Program benefits, said that “dollars are not stretching as much as they need to.”

From food to health insurance, people are struggling to keep up with rising costs.

Lisa Ronca, a recipient of health insurance through Obamacare, said, “It’s going to be triple. Tripe this year, which equates to double the cost of what we pay for the mortgage for our house.”

A poll published by Fox News this week found 76% of Americans have a negative view of this economy, up from 67% in July.

Vice President JD Vance says the administration needs time.

Vance said, “As much progress as we’ve made, it’s going to take a little bit of time for every American to feel that economic boom, which we really do believe is coming.”

When it comes to Americans’ paychecks, in September, inflation-adjusted hourly earnings were flat for the second month in a row, holding the annual rate of gain at .8%, the lowest in more than a year, according to the Bureau of Labor Statistics data released Friday.

For blue-collar and service workers, real pay gains were even weaker.

The White House, however, continues to express optimism about the economy.

Karoline Leavitt, White House press secretary, said, “Wages are up by 3.8% over the year for American workers because of President Trump’s pro-growth policies. In fact, real wages are on pace to increase roughly $1200 for the average worker this year under President Trump.”

In September, inflation also rose to 3% for the first time since January, according to the Consumer Price Index.