The economy has struggled immensely since the start of the COVID-19 pandemic. Between business shutdowns, supply chain issues, and now, the Russian-Ukraine war, prices of many goods such as meat, vehicles and, most notably, gas continue to skyrocket.
Widespread outrage over gas prices highlights one of the most pressing economic issues plaguing Americans: wages are not rising fast enough to match the rise in prices.
U.S. consumer prices are up 7.9% as of Feb. 2022. Gasoline saw the biggest change, as prices are up by a whopping 38% according to the U.S. Labor Department. The current average price for regular gasoline in Pennsylvania as of March 21 is $4.32 per gallon. This time last year, the average price was $3.03 per gallon. Even just a month ago, the average was $3.73 a gallon, nearly 60 cents cheaper.
This price increase means that most with smaller cars and SUVs will be paying $13 to $24 more each time they fill their tanks. Although $15 to $25 extra in gas may not seem like a grand expense, national outrage over the increase shows how this extra expense can be financially devastating.
Although wages have increased over the past few years, prices increased at a quicker rate. Workers are still being underpaid in proportion to the price of goods. Two-thirds of America is living paycheck to paycheck. This means even relatively minor price increases are felt hard. A few extra dollars spent on gas equates to a few less dollars available to spend on groceries, bills or other expenses.
Some workers lower on the economic spectrum may make between $8 and $12 an hour before taxes. These workers who have struggled to make ends meet before rapid inflation would have to work an additional two to four hours on top of their normal hours just to account for the increased price of gas, let alone the increased price of food and rent.
A country where most of its citizens are living just within their means is not a country that allows for economic prosperity. Americans cannot stimulate and invest in the economy if they can hardly afford necessities like gasoline. We must raise wages to match prices to allow for a comfortable and successful economy and nation.
