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#inflationtips #securefinancialfuture #investmenttips
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The Federal Reserve is standing firm that the high U.S. inflation will fade back to pre-pandemic lows in the next year or so. One important detail to note, though, what they define to be high is 5%, I personally think inflation is north of 10%.
So if and when they say it’s low, it will still be most likely high, and that could only mean one thing – record low unemployment and poverty levels.
The most immediate threat from high inflation is the loss of purchasing power. Prices are now rising faster than wages and making it harder for families to meet their needs, especially those on lower incomes.
If inflation remains high, the Fed could also be forced to raise interest rates sooner than it planned and risk upsetting a strong economic recovery.
In a worst-case scenario, consumers and businesses could come to expect steadily rising prices and make it a self-fulfilling prophecy. Such a broad shift in attitude after a few decades of remarkably stable inflation could make it harder for the Fed to manage the economy in the longer run.
Once people start to expect inflation to be higher, they change their behavior in ways that make it harder to get inflation to come back down.
However, many economists believe that regardless of people’s sentiments, it isn’t possible for inflation to go down considerably by next year.
The problem has become too widespread. Price increases have spread to a broad array of business supplies and filtered through the broader economy. Companies are increasingly trying to recoup these costs by charging customers more for their products and services.
Then, there are shortages and production bottlenecks. These shortages aren’t just because the demand is high. It is multilayer. On the one hand, it’s hard to find workers. People were forced to adjust their lifestyle to the limitations of pandemic, socially, professionally and personally. When people found it, they found less and less reasons to have to go back to work. The result, lots of jobs and no one interested in them.
There is also a shortage of raw materials. From gold to silver to lumber, none are getting mined.
All these are resulting in demand for higher wages.
Average hourly pay has risen at a sharp 4.2% pace over the past year. Companies have to pay more to retain current employees or to attract new ones, especially at businesses like restaurants where workers are more reluctant to deal face to face with customers like they once did..
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