Depending on which source, we're the third, fifth, or sixth highest. But that also comes with highest prices for a lot of things including health care. My after-insurance cost for a dental check-up, two cavities filled, and a crown was over $2,000. To have a skilled laborer (like a plumber or electrician) come to your house will usually cost $300+ for all but the most basic things.
The trend started before the current president and is applicable to every country. In general, fewer cameras are being released in the $2,000 range than are released in the $3000+ range - and far fewer still under $1,000. Even if the median salary is $40,000 (according to the SSA), after state+federal taxes, that'll come to under $3,000/month - barely enough to cover rent, food, and insurance.
https://www.ssa.gov/OACT/COLA/central.html