Occasionally, we hear a financial report from the government and we pay little or no attention to it. We just received a report on inflation we should all pay close attention to.
Without getting specific to anyone`s bank account, let’s consider the account that had 100,000 dollars 12 months ago. Ignoring deposits and withdrawals, though the dollar amount will be nearly the same, it is as if Uncle Sam just reached down out of the sky and took 6,2000 dollas, without leaving a thing behind in return.
At the same time, you also took a 6% pay cut. I don’t know about y`ll but, if I got 5% raise, I thought I did well. With the inflation, it would be a 1.2% pay cut. As the saying goes, the harder you would work, the behinder you would get.
Biden says he is for the little guy, but the only guys that benefit from inflation are the outrageously rich. They make money faster than inflation can steal it. So far Biden has benefited only the rich. The rest of us will be taking it in the wallet.