Stagnant pay for many Americans is already a defining issue of this year's populism-filled presidential election. But add in the rising cost of living, and the picture is even bleaker.
A new report from the Pew Charitable Trusts, released on Wednesday, reveals that spending on necessities like housing and transportation is taking a bigger bite out of Americans’ paychecks than it was 20 years ago. Families across the earnings spectrum are being squeezed, though people with lower incomes are bearing the brunt, sometimes taking on more debt just to pay their bills.
