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Inflation is a stealth tax on working people, retirees and other Americans who can least afford it. It won’t impact the lifestyles of the rich and famous but will gut-punch working-class Americans and dramatically change their lives.
Politicians generally like inflation – it creates the illusion of economic growth and disguises the cost of deficit spending. But inflation imposes significant direct costs on ordinary citizens.
Workers are forced to fight for higher wages just to keep their purchasing power from decreasing. Retirees and others on a fixed income find themselves suddenly unable to afford basic necessities. People who have scrimped and saved to build up a nest egg find the value of their savings wiped out. Interest rates on mortgages and other loans skyrocket.
DEMOCRATS KNOW STRIPPING ELECTION SAFEGUARDS WOULD EXTINGUISH FAIR ELECTIONS, BUT THAT’S THEIR INTENT
Most Americans alive today have never experienced anything like the current rate of inflation, which hit a 40-year high of 7% in December, then jumped to 7.5% in January, exceeding most expectations. Gone are the days when price increases only affected specific products, such as lumber and vehicles. Today, it’s impossible for consumers to avoid feeling the bite of inflation, which is insinuating itself throughout the economy and affecting core staples that Americans can’t live without – including food.
A simple trip to the grocery store is now a traumatic experience for many people. Even the savviest shoppers can’t escape the reality of major price increases on everything from eggs and dairy to meats and coffee.
Kraft Heinz, one of the country’s biggest suppliers of packaged foods, recently warned that it will be raising the prices of many of its top-selling items by as much as 30% in response to supply shortages, increased ingredient costs, and rising transportation and labor costs. Mondelez…
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Source : foxnews
