Americans in a Tug of War with Rising Costs and Inflation
Americans are struggling to stay afloat as inflation-generated waves widen the gap between their take-home pay and the costs of goods. Many argue that these aren’t regular waves, as they bear an eerie resemblance to tsunamis. Inflation hit a 40-year high in June 2022, injecting anxiety into the lives of most American families. Navigating the raging waters is not only causing headaches for people, but it’s also forcing them to make drastic changes in how they live. With each upward tick of inflation, the standard of living takes another tumble. Since wages aren’t keeping pace with the skyrocketing costs of food, gas, and utility services, average consumers have hit the brakes on discretionary spending. According to data crunches, U.S. households are spending an extra $350 to $500 each month to purchase the same goods and services compared to one year ago. Tightening Belts to Combat Inflation When asked about their level of satisfaction with their families’ financial condition,