!!! pic.twitter.com/bH3vIKHgTk
— Mollie (@MZHemingway) September 26, 2022
Currently inflation is “officially” running at around 8.5%. That doesn’t mean much until you work out 100 divided by 8.5 is around 12. Which means inflation is eating ONE MONTH’S INCOME each year. You’re going to have to get by on one month’s less salary, benefit or pension. No wonder it’s hard. And it’s going to get worse. The government is incapable of spending less. $80 Billion to Ukraine here, $50Billion to illegals there – it soon adds up. So it will inflate its way out of problems. Which is all fine and dandy for people with material assets – but it kicks workers and old or retired people on fixed incomes right where it hurts.
My teaching income isn't going as far as once did. Had to sell my car and now take train to work. Also drawing money off my savings almost every month just to pay bills. Can't imagine what it's like for elderly folks just trying to get along. It IS both scary and infuriating.
— Michael Stefany (@MichaelGStefany) September 26, 2022
The Federal Reserve ordered another super-sized jump in interest rates today, and signaled that additional rate hikes are likely in the coming months, as it tries to put the brakes on runaway prices.
Forbes
