Despite Fed Chairman Jerome Powell deciding to retire calling inflation, “transitory,” Americans have their hands tied when it comes to paying higher prices on everyday goods and services.
If it seems as though the Fed is trying to backtrack on their own narrative they’ve had for most of the year– it’s likely because they are.
“I think it’s pretty darn obvious that the Fed cannot control inflation on the downside, or the upside, given the current experience,” says Danielle DiMartino Booth of Quill Intelligence in a CNBC interview.
Perhaps Powell believes common sense is not so common because to everybody else, we all seem to know at this point that inflation is one of the biggest problems facing the country right now.
The coronavirus pandemic unfortunately highlighted the term of inflation to where the two words have almost become indistinguishable from each other when speaking of the detriment to our economy.
Millions of Americans have become familiar with the side effects of loose monetary policy and the consequences of excessive government spending, which has been no choice of their own.
But the burden still falls in our laps.
But now, nearly two years into the pandemic and after breaking a near 40-year record high inflation rate, the least that Americans can do is speak out from personal experience.
According to a recently conducted Gallup poll released in early December, 45% of Americans say that rising inflation prices have caused them financial hardship.
10% of those individuals say the financial hardship they have experienced has been severe as prices on everyday necessities like gas, groceries, and rent have increased.
Unfortunately, the lower-income survey participants were affected the most.
Nearly 71% of those making under $40,000 a year stated inflation has caused financial hardships upon them, while 28% of those claimed their financial situations were severe.
Finally, only 28% of those making over $100,000 a year said they were dealing with primarily moderate inflation problems.
We’ve been warning our readers about this despite the mainstream media’s lack of attention on the matter.
President Biden has been claiming he’s fighting inflation and doing what he can to bring down everyday costs. While simultaneously, packaging up trillion-dollar bills.
Let’s hope “inflation” is another word we can retire soon.
Until then, Americans are looking for ways to protect their financial security with tangible assets like gold.
Call American Hartford Gold at 800-462-0071, we’ll help you create a plan.