We all know inflation is happening. Thanks to federal policy, this is inevitable.
But it's helpful to measure how much more we're spending on basic items.
And it's affecting all ages. Baby boomers, Generation X, Millennials, and even Generation Z.
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Generation Z hit by inflation
And inflation is not ready to fall anytime soon. We were moving in the right direction, but inflation rose again as the Fed refused to raise interest rates appropriately.
Latest figures show prices are up 3.5% compared to a year ago. Add up those rates over several years and you end up with rampant inflation.
Business Insider reports:
According to a February report from McKinsey & Company, groceries are becoming a top expense for younger generations.
…Every generation is feeling the pressure of inflation at grocery stores and across goods and services. The average American household would have to spend $445 more per month to buy the same goods and services as they did a year ago. Moody's report was discovered.
$445 every month. That's $5,340 a year out of Americans' pockets for no reason.
As prices continue to rise, the presidential election is in full swing.
And as prices continue to rise, many American voters are looking to Joe Biden. His main opponent is Donald Trump, the presumptive Republican presidential nominee.
CBS News said, “According to a recent CBS News poll, 65% of Americans remember the economy under former President Donald Trump as good, while only 38% had a positive evaluation of the current economy under President Joe Biden. “It’s just that,” he said.
“On Super Tuesday, Biden and Trump won landslide victories in almost every state where Democratic and Republican primaries were held,” CBS News said. “This solidifies the possibility of a general election rematch between the two in November.”
“In fact, six in 10 voters polled by CBS News said the U.S. economy is bad under Biden,” the article noted.
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Inflation cannot be ignored
Will inflation affect the voting habits of Gen Z, which generally supports Democrats? Time will tell.
But in the meantime, it's clear that all ages and generations are suffering the cost of better spiking than in recent memory.
Now is the time to support and share the sources you trust.
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