Inflation continues to keep its boot on the necks of Americans.
With prices skyrocketing, the value of wages is significantly going in the opposite direction; the reality that wages aren’t increasing with inflation also doesn’t help matters.
Middle-class families regularly experience getting taken to the cleaners when trying to buy gas, purchase groceries, or otherwise pay for things they need.
When inflation was first coming into inception, the US government largely dismissed the matter.
In fact, US Treasury Secretary Janet Yellen went as far as writing off inflation as a momentary side effect of high demand, supply chain backlogs, and entering into a post-COVID society.
However, Yellen walked back these comments on Tuesday.
The latest from the US treasury secretary on inflation
While sitting down for an interview with CNN, Yellen conceded her previous remarks concerning inflation’s purportedly temporary nature failed to pan out.
Inflation, with the passing of time, continues to worsen. Multiple economists argue that a recession is imminent. They also warn the Federal Reserve’s continued increase of US interest rates is driving the country close to a recession.
