CNN’s Rahel Solomon: Nearly Three Out Of Four Workers Say Inflation Is Outpacing How Much They Make

SOLOMON: “Nearly 3 out of 4 workers say inflation is outpacing how much they make. I want to show you these results here. Compare this 71% in July to just a few months prior. 58% had that same response in February. This is really driving inflation, of course, which still is hovering around 40-year highs at 8.3% according to the last reading for U.S. consumer inflation. This is driving more people to tap into their savings, so 21% of respondents said that they had to tap into emergency savings. About the same said they had to work extra hours just to keep up with inflation. About the same say they’re actually just looking for a higher-paying job. And how about that — 6 percent having to resort to 401(k) hardship withdrawal. So, this is the pain. We talk about the pain of rising borrowing costs in terms of what the Fed is doing, but this is also the pain of inflation and that’s what the Fed is trying to make better ultimately with these higher costs. But people are really suffering out there.”