In today's economy, a lot of people are struggling. Not only has the nation entered into a recession, but inflation also stands at a historic 9.1% rate.

This means more people are shopping at the dollar store instead of grocery stores. More people are also limiting the time they spend driving, along with leaving their retirement years behind.

With inflation increasing, people have to also increase their earnings in order to keep up with living costs. However, this isn't something most Americans are able to do. Therefore, the market is pricing many folks into low-wage worker status.

Now, a new study shows that people with low income levels could face a greater risk of memory loss later in their lives.

Potential dangers of low income

Data linked to the Health and Retirement Study provides some very shocking insight that many Americans had no idea of.

Per these findings, low wages maintain a correlation with memory loss amid the aging process. The study likewise showed that people who regularly earn little income suffered memory decline that's tantamount to 12 months of considerable cognitive decline.

People who earned greater levels of income were, on average, found to deal with much less memory loss and cognitive regression.

Some officials believe boosting the minimum wage would lead to better health outcomes for low-wage workers. However, minimum wage increases are regularly found to create job layoffs and higher market prices.

When employers cut jobs and increase their rates to offset the extra expenses created by a higher minimum wage, this defeats the purpose of the wage increase.

Hard times for Americans?

If inflation, prices, and interest rates continue to go up, a lot of Americans will become low-wage workers. Amid the current recession, economists predict inflation could persist until at least 2024.

Meanwhile, Congress is gearing up to pass the Inflation Reduction Act. Despite this bill's name, it contains tax increases on workers earning more than $30,000. The Inflation Reduction Act likewise boosts government spending.

If this legislation passes, Americans will lose even more money to the federal government, further solidifying their fates as low-wage workers at risk of cognitive decline later in life.