Low-income Americans are struggling. It could get worse
CNN
Lower-income Americans still struggling after years of high inflation and elevated interest rates could face a new battle if President-elect Donald Trump reignites inflation with his economic policies.
Chiugo Akujuobi has survived on food pantries and donations from friends since fleeing their family home in Houston earlier this year. They said they grew tired of frequent transphobic comments from relatives. The 26-year-old now sleeps on a friend’s couch in North Texas. They graduated with a bachelor’s degree from Scripps College in 2021 and have struggled to find a full-time job, instead taking on some work doing graphic design, social media marketing and copywriting on a contract basis. Akujuobi is one of millions of Americans who are struggling in today’s economy. This calendar year, Akujuobi estimates they made less than $10,000. The poverty line was $15,480 for a single person in 2023, according to the latest data from the Census Bureau. The cost of living crisis in the US has eased somewhat, but low-income Americans are still struggling after years of high inflation and elevated interest rates. Their situation could worsen if President-elect Donald Trump keeps his promise of slapping hefty tariffs on America’s three biggest trading partners, which could reignite inflation, economists say. “I don’t know how I’ve survived for this long,” Akujuobi said. “If it gets worse, I know that poor people will still be resourceful. We just make do with what we have.” Inflation is down considerably from the 40-year highs of 2022, when gasoline prices topped $5 a gallon and home prices surged by double digits.
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