We all know inflation is happening. It’s inescapable thanks to federal policies.
But it’s helpful to gauge just how much more we’re spending on basic goods.
And it’s hitting every age group. Baby Boomers, Generation X, Millennials, and even Generation Z.
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Gen Z Being Hit by Inflation
And inflation isn’t poised to be going down any time soon. While it had been headed in the right direction, the Federal Reserve’s refusal to properly hike interest rates has inflation going back up.
The latest figures show that prices went up 3.5% from one year ago. Add those percentages up over the years, and you get rampant inflation.
Business Insider reports:
Groceries are shaping up to be a top spending priority for younger generations, a February report from McKinsey & Company found…
…All generations are feeling the pinch of inflation at grocery stores and for goods and services in general. The typical American household would need to spend $445 more a month to purchase the same goods and services as a year ago, a report from Moody’s found.
$445 per month. That’s $5,340 per year out of Americans’ pockets for no good reason.
As prices continue to rise, a presidential election is underway.
And a lot of American voters are looking at Joe Biden as prices continue to rise. His primary opponent is presumptive Republican presidential nominee Donald Trump.
From CBS News, “A recent CBS News poll found that 65% of Americans remember the economy under former President Donald Trump as being good, compared with 38% giving the current economy under President Joe Biden the same positive assessment.”
“On Super Tuesday, Biden and Trump won commanding victories across nearly all the states holding Democratic and Republican nominating contests, according to CBS News projections,” CBS News noted. “That is solidifying the likelihood of a general election rematch between the two in November.”
“In fact, almost 6 in 10 voters polled by CBS News described the U.S. economy under Biden as bad,” the story noted.
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Inflation Can’t Be Ignored
Will inflation affect Gen Z’s voting habits, who typically go for Democrats? Time will tell.
But in the meantime, every age group and generation is obviously suffering from the cost of good spiking like no time in recent memory.
Now is the time to support and share the sources you trust.
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