We all know inflation is happening. It is inevitable thanks to federal policies.
But it is useful to evaluate how much more we are spending on basic necessities.
And it’s affecting every age group. Baby Boomers, Generation X, Millennials and even Generation Z.
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Generation Z hit by inflation
And inflation isn’t likely to fall anytime soon. Even though things were going in the right direction, the Federal Reserve’s refusal to adequately raise interest rates caused inflation to rise again.
The latest data shows that prices increased by 3.5% compared to a year ago. Add these percentages over the years and you get rampant inflation.
Business Insider reports:
Groceries are shaping up to be one of the top spending priorities for younger generations, according to a February report from McKinsey & Company…
…All generations are feeling the pinch of inflation in grocery stores and for goods and services in general. The typical American family would have to spend $445 more per month to purchase the same goods and services as a year ago, found a Moody’s report.
$445 per month. That’s $5,340 a year coming out of Americans’ pockets for no good reason.
As prices continue to rise, the presidential election is underway.
And many American voters are looking to Joe Biden as prices continue to rise. His main opponent is the presumptive Republican presidential candidate Donald Trump.
From CBS News, “A recent CBS News poll found that 65% of Americans remember the economy under former President Donald Trump as good, compared to 38% who give the same positive rating to the current economy under President Joe Biden.”
“On Super Tuesday, Biden and Trump won landslide victories in nearly every state that held Democratic and Republican nomination contests, according to CBS News projections,” CBS News noted. “This is solidifying the likelihood of a general election rematch between the two in November.”
“Indeed, nearly 6 in 10 voters surveyed by CBS News described the U.S. economy under Biden as terrible,” the article notes.
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Inflation cannot be ignored
Will inflation affect the voting habits of Generation Z, who typically prefer Democrats? Time will tell.
But in the meantime, every age group and every generation is obviously suffering the cost of a good peak like never in recent memory.
Now is the time to support and share the sources you trust.
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