Inflation is so high that it's erasing all wage gains.
Inflation: 4.2% in May for the past year
Wage growth: 3.4% in May for the past year.
Americans are getting squeezed financially. This isn't just "bad vibes" about the economy. There is real pain, especially for middle-class and lower-income households. It's tough because so many basic items are seeing sizable price increases: gas, electricity, food, medical care.