“Rising energy costs combined with the congresses passing on this minimum wage hike are gonna drive the cost of goods and services through the roof.... Retirees on fixed incomes are gonna get squeezed hard”
Imported goods will be more expensive, and that includes energy. However, most seniors have a stock portfolio, and that is doing well, and normally the market performs very well during such times (remember 1983?).
Normally, the market performs well over the long run.
yitbos
I was reminded of it twenty years later when the markets finally found their feet after 9-11...
This real estate slump feels a lot like 1993, except most everybody hadn't just re-fi'ed a bunch of equity out of their homes with Countrywide back then...
“Imported goods will be more expensive, and that includes energy.’
And since I retired, I don’t drive my car five days a week to and from work. Typically, I go out once or twice a week now. Higher gas prices don’t necessarily impact retirees all that much.