More Americans say income is falling behind the cost of living
More Americans say income is falling behind the cost of living
This week the United States’ six largest banks released their earnings and collectively they’re up 19% from a year ago. However, at the same time, a new report reveals 69% of Americans say income is falling behind the cost of living, which is up from 50% five years ago. CBS News business analyst Jill Schlesinger explains.
Read the full article on CBS Money
Truth Analysis
Analysis Summary:
The article is mostly accurate, reflecting a general sentiment that the cost of living is outpacing income for many Americans. The claim about bank earnings is presented without context, potentially creating a biased impression. The 69% figure is supported by a recent survey, and the comparison to '5 years ago' is generally consistent with available data, although the exact percentage from 5 years ago is not directly verifiable from the provided sources.
Detailed Analysis:
- Claim: United States' six largest banks released their earnings and collectively they're up 19% from a year ago.
- Assessment: Unverified. While likely true, no source is provided to verify this specific claim. Without context, this statement could be interpreted with bias.
- Claim: 69% of Americans say income is falling behind the cost of living.
- Verification Source #2: Reports that two-thirds of middle-income Americans say they are falling behind due to cost of living.
- Verification Source #4: States that more than two-thirds (69%) of middle-income Americans said their income was falling behind the cost of living.
- Assessment: Supported by sources 2 and 4, indicating that approximately 69% of middle-income Americans feel their income is falling behind.
- Claim: 69% is up from 50% five years ago.
- Verification Source #1: In 2015, a Pew Research study indicated that most Americans continue to say that they are falling behind the cost of living, with 37% saying their income is falling behind.
- Assessment: Partially supported. Source 1 indicates that in 2015, 37% felt their income was falling behind. While this shows an increase over time, the specific claim of '50% five years ago' is not directly verified by the provided sources. The general trend of increasing concern is supported.
Supporting Evidence/Contradictions:
- Source 4: 'Today, more than two-thirds (69%) hold this view — a statistic...'
- Source 1: '...most Americans continue to say that they are falling behind the cost of living. ... income is falling behind the cost of living, while 37 ...'