Originally published at: Skyrocketing Expenses Plunge Americans into Financial Peril
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I don’t know anyone who isn’t an ultra-high-net-worth individual who isn’t feeling the pain. One friend has come out from retirement and back part-time into a career he hated. Most of the elderly retirees I know are being hit hard by larger grocery and utility bills. I’m back to the level of comparison grocery shopping that I did just out of college.
And let’s be clear, this isn’t Biden’s fault (and wouldn’t be the fault of any President); it’s the result of Fed policy (which increased interest rates on outstanding debt balances and which is independent of the executive branch) to tame inflation and of opportunistic corporate price-gouging that tagged along when inflation was rising (and continues to do so even as inflation cools).
If right-wingers really cared about the impact of the current economy on low- and middle-income Americans, they’d be calling for subsidies and supplements even greater than those already offered by the Dems. But they’re not for the usual “free”-market fundie reasons.
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As a Coloradan myself, I’m glad that my impressions regarding how ridiculous my grocery bill has become are not just confirmation bias. I did notice how low gas prices have fallen recently, but in the past 3 years, my gas consumption is way down, whereas my food consumption hasn’t really changed. And I suspect that any pay increase I receive will not match the cost of living increases this year. Sigh. I do like it here, but I don’t know how much longer this will work.
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Can’t use the government to stop corporate profiteering, because the free market will take of that! (Please pay no attention to the fact that it, um, hasn’t…)
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