To tackle inflation millions of Americans are cutting back. It might mean no more eating out, buying in bulk, using coupons, getting another job to help, there are many ways people are trying to float themselves in this environment.
- quitting smoking
- cutting out meat from the diet
- shopping at discount stores
- getting a side hustle
- buying off brand items
- changing travel plans
- cutting out all non-essential purchases
- taking less trips
- skipping meals
- conserving water
These are just some of the things that Americans are doing to try and deal with the increasing cost of living.
The inflation in the market right now might be a unique situation but it also signals just how bad and destructive the nature of inflation can be.
Yes, even that slow inflation that grows at 2% each year is still damaging and some argue that inflation is theft because of its consequences. Continually we see that the inflation erodes purchasing power and we see the cost of living rise, incomes meanwhile have not been keeping up along with it.
Where does it end?
Middle and lower classes are suffering right now, as we know the wealthy aren't going to be experiencing the same issues. Those who are able are having to get creative and innovative to navigate these troubles in the market where they see everything from gas to rent, clothing, and more, going up regularly. It might mean going without food at some times or on some days altogether because families cannot keep up.
Food banks and other community programs are also feeling the pinch as more turn to them to get help. It's clear that there aren't enough adequate community resources to pick up the slack and help meet that true need that is there and it just seems to keep growing.
In the meantime lawmakers have looked at things like gas rebates and more stimulus checks to try and help, but there doesn't seem to be widespread faith that authorities will be able to get control of this situation anytime soon.
Pics:
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This is posted for information purposes only and is not to be taken as financial advice.
Sources:
https://thehill.com/changing-america/well-being/longevity/3539402-national-survey-shows-where-americans-are-making-cuts-amid-inflation/
https://www.businessinsider.com/how-inflation-is-changing-grocery-shopping-coupons-sales-frozen-foods-2022-6
https://www.cbsnews.com/news/inflations-coupons-disappearing/