It’s called inflation. It happens. Stop slacking and put your nose to the grindstone.
Trump didn't help by going to war with Iran.
Trump is supposed to be MAGA.
No more foreign wars.
> It’s called inflation. It happens. <
Right. The problem is most Americans will always blame the party in power. That’s particularly true when it comes to gas prices.
I suppose that’s because gas prices stare you in the face every time you pass a station. No one notices a dime decrease. Everyone goes crazy over a dime increase.
No one had ever accused American voters of being too patient or too thoughtful.
Exactly right. I just turned 75 and have been through lots of economic cycles. I bought my first house in 1978 when mortgage rates were in the mid teens. I've lived through steady low inflation, high inflation, and many swings between the highs and lows. It happens. Nobody likes it, but it's life.
For perspective, my Dad was born in 1924 in Danzig, Germany just one year after the TRILLION PERCENT PER YEAR Weimar hyperinflation. People got paid, put their hundreds of pounds of currency on a wheelbarrow (weight pounds, not British currency Pounds) and raced to the store to buy something, anything, before the price doubled in the next hour. Somehow they survived. My gr-grandfather managed to keep his factories. My grandfather somehow managed to save enough to book passage for his young family to NYC in October 1927. Then, 18 years later, my gr-grandfather was evicted from Danzig and forced back to western Germany at age 80. They got out with their lives.
On my mom's side, her gr-grandfather and family lived in a sod house on the Saskatchewan prairie for 9 years before they could save enough money to build a wood house.
People today don't seem to have any sense of what their ancestors went through and the hardships they endured to get us to the point of abundance and ease. It really hacks me off.
It happens in our monetary system due to the expansion of federal debt (which is the reserve asset that new credit is created upon in our fractional reserve, fiat banking system). Inflation is in the end a policy choice by government about how to fund the government.
Your lost purchasing power was in reality taxed silently and secretly from you. There is no free lunch.
I was born in the late 60s. My husband and I talk all the time about this - we grew up not ever remember having steak for a meal and we had many meals that were only veggies or some sort of beans. Then came hamburger helper, lol.
And both our dads were engineers!
I think we have gotten very accustomed to being able to live high off the hog and now we are eating steak less and hamburger more. It’s not the end of the world. The costs may stay high but everything else will catch up. I work with people in their early to mid 20s (and my son is also that age) and as much as they complain, they still eat out several times a week, and pay ridiculous amounts for coffee, lol.
The Fed’s target and its performance is too high.