Cleveland, OH
Opinion: Ohio families fight worsening economic forces
For households that budget carefully, rising prices can throw everything out of balance. When inflation affects basic needs, families are forced to cut back, dip into savings or take on debt. These pressures, combined with federal policy uncertainty, negatively affect individuals and local businesses.Families in our community are financially strapped. A Center for Community Solutions study found that more Cuyahoga County households earning less than $25,000 are struggling to cover a $400 emergency expense than before the pandemic. Fewer have cash or savings available, and more than one-third said they turned to credit cards. Credit card debt remains near record highs.Nationally, lower-income families spend more of their income on necessities. In 2023, households earning under $16,000 spent about twice as much of their income on utilities, health care, and groceries as those earning more than $265,000. They also spent more than 40 percent of their earnings on housing.