The Republicans suffered a major setback in last week's election, highlighting Trump's weakness on the issue of living costs. Although high prices have become a focal point of voter dissatisfaction, the real threat to the Republican campaign is the "real income anxiety" caused by stagnant wage growth. According to data from the Bank of America Institute and government and private sector sources, the growth rate of wages adjusted for inflation has continued to decline since the beginning of the year. The after-tax income growth for low and middle-income families has lagged far behind the pace of price increases. The real income growth rate has fallen back to levels seen in the early 2010s, when the U.S. economy was still recovering from the financial crisis, and the unemployment rate was twice as high as it is today. At the same time, public confidence in personal financial situations has continued to decline, and pessimism about the economic outlook for next year has increased. Although economists generally believe that there will be no large-scale layoffs or waves of unemployment, the reduction in job vacancies and the weakening of corporate hiring willingness mean that the hope for raises is becoming increasingly remote.
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Original: www.toutiao.com/article/1848566915016842/
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