The short answer is "Yes," but it is a bit more complicated than that. As to the personal aspect of your question, there is no way, without knowing your specific circumstances, to answer it. However, the odds are that you will be fine and in the worst case scenario there are aid programs - both legal and charitable - that you can turn to in extremis.
As to the question itself, the USA has been here before. In 1979, the rate of inflation hit 14.5% - the highest ever in peacetime. The following year, the rate of inflation hit 13.1% - the second highest ever in peacetime and the first time the USA had back-to-back years of double digit inflation in peacetime. (This well above the 9.4% peek we recently reached and the current 8.1 % level.)
Yet by 1986, and this is making a long story short, the rate of inflation fell to 1.1%. (Lower than even the 1.4% of Mr. Trump's best year.)
Please note, the rate of inflation is the rate of increase in prices. If prices fall - as they did in the Great Depression - you get a deflation rate. That, as the high unemployment of the 1930s suggests, is not good either.
So the aim is to strike the balance. Likely the high prices now, as they did after the 1979 to 1981 period, will lead to a recession. The rate of unemployment after that 1979 to 1981 period led to a recession where unemployment peeked at 10.8%. By the late 1980s, though, it fell to just above 5% - which economists at that time believed to be statistical full employment. (Economists have since learned that unemployment, allowing for demographic changes, can fall farther. This allowing it to fall as low as 2.8% as it did prior to the pandemic. Inflation during that same time going to the aforementioned 1.4% level.)
Prices will stagnate or fall and this, in time, will allow wages to catch up. This may take a while and depending on government policy and the policy of the Federal Reserve Board which sets interest rates, may not be without its costs. (Note: High interest rates reduce demand which, in time, reduces prices - though again, not necessarily without raising unemployment in the interregnum.)
This is all a long way around to say that prices will fall - though the more they fall the more that will reflect and reinforce a rise in unemployment. So the ideal is to get prices to fall somewhat and then stabilize as wages catch up.
This is what will happen again in due time. Though how long it will take will involve, as noted, the efficacy of government and Federal Reserve policies as well as a host of outside factors that cannot necessarily be anticipated. (The Russo-Ukraine War, for example, was not foreseen but helped to boost energy prices. Also, infrastructure and supply chain issues will have an impact.)
So very long way around, as Rudyard Kipling wrote, "If you can keep your head about you when others are losing theirs', then you will be a man, my son." We've been here before - as recently as the 1970s - and we recovered. We will again. Hang in there. It will get better - and then worse - and then better and so on. As history suggests.
Gas prices are like the stock market, it ways trends up ward and even when it drops it goes right back up... so everything will continuer to trend upward...
They increased minimum wage talking about how its good for American, and then bitch about inflation... like you didn't that corporations and companies would not pass that off on consumers. I mean a Big Mac was good burger at $2... it was okay at $5... but its not worth 10 to 12 dollars for value meal... lol
So the stupid Dems will say increase minimum wage... from $10 to $15 dollars an hour... well hot dam!!! That's like a 50% raise. But what if you don't make minimum wage and you make something like $20 an hour... to you get a $10 raise? No you don't, so they just increased minimum wage and that made you poorer because with the increase in minimum all the price increased as well. SO they just squeezed the Middle Class to benefit the poor and not at the expense of the corporations.
So next time they will say lets increase it from $15 to $20... well if you were making $20 you now are making minimum wage... so your falling back wards not ahead. So with these idiots in charge nothing will ever go down.
Typical. You blame people on the poorest end of the spectrum I while completely ignoring the top of the spectrum. I assume that you're against all sort of corporate subsidies and tax cuts for the rich too, right?
@AndrésC64 The Rich actually do pay taxes, like a crap ton of taxes... the I make like 6 figures... but I lost over 30K in tax deductions with the Trump Tax Bill... and if your making less than 30K a year and you don't own any properties your getting returns at the end of the year. I paid over 15,000 in taxes a I would assume you would think someone that makes 120,000 is rich or at least at the high end of the Middle Class. Its the Corporations that are getting the away with paying less.
So yes I am against corporate subsides, and tax cuts for the rich it you are not going to increase the taxes on the corporations... but I am against minimum wages as well. All the that does is cut the gap between the low and the middle it doesn't effect the Corporations... they pass everything off on to the consumer... it doesn't matter what the the minimum is wage it can $10 or $50 dollars... its still the minimum wage so all your doing is squeezing the middle class.
Simple supply and demand man... you increase the minimum wages inflation will kill it and prices will go up. So you at the bottom at $10 an hour and you still will be at the bottom at $50 there will be no net gain for any... but what you do is make it harder to get head or bust out of the economic bubble. I don't get why people can't understand that.
Increasing wages does not have that large of an effect on prices. It's already happened during the pandemic and have you seen the cost of burgers skyrocket? No, you haven't.
Ballooning menu prices are being driven by the rising cost of food and labor, according to the report.
It cites a 15.1% year-over-year increase in the Producer Price Index, which measures the cost of domestic goods, as well as a 12.1% increase in average hourly earnings for restaurant employees. 🍔 The Big (Mac) picture: McDonald's did not respond to requests for comment, but data from the Big Mac Index — which has been measuring the price of a Big Mac since the year the Oprah Winfrey Show debuted — shows that the price of a Big Mac nationwide rose 7% from 2020 to 2021.
Big Mac prices have risen by a whopping 40% in the past 10 years, according to the index.
Rising costs of food and labor------------------------ LABOR, that's the minimum wage. You not make money and you are now paying more for everything so raising minimum wage didn't help you... your still in the same place you start. You just getting more and paying more for it.
If you want to believe that increasing wages does not drive inflation then your a joke. System Collapse Theory:
General systems collapse theory, pioneered by Joseph Tainter, proposes that societal collapse results from an increase in social complexity beyond a sustainable level, leading people to revert to simpler ways of life.
Read about that is what is just beginning to happen, there so may layers to the economic that are being manipulated that eventually it becomes so complex it fails... that that is why inflation is such a issue... because its and indication that something is out of whack and if it is not curbed then the strain is felt the worst by the poorest or the finically weak.
A lot of people cannot pay their electric bill already. So, the question is, do you buy food or not freeze to death?
This same question haunts me everyday! Who knows how expensive everything will get?
I can spend $150/week on food, and still end up eating macaroni and cheese most of the time.
The problem where I live is most of the things I need to buy so I can eat they are out of. So it's going to be hit and miss.
I pray you do not become homeless. I would seriously consider getting a roommate or renting a room before I would take to the streets. Good luck to you and God be with you.
from what i read over the last week there is a new resistant strain of a covid like virus coming from Russia, found in bats, so if they start with the? who knows. and overtime unless there's mass panic with this new thing i think it will never go down but those things will fluctuate
the question is if people will fall for the same shit again. i sure hope not. they claimed covid was "resistent" and human immune system wasn't ready yet most people surived the disease and the panic caused was hugely blown out of any proportion which made few people profit quite a bit.
i personally think people are done with mass panic now and won't just do it again, even if we actually get a way worse and more deadly flu wave this year than the last 2 ones.
@genericname85 You sure hope not? There's idiots out there still that wear masks. Even though they are quadruple jabbed and got all their boosters. Funny thing? They still get COVID!!! And they are still SCARED!!! They will get COVID 3 times and still be fucking scared. Try to tell them a little common sense? As in, the CDC said they can't differentiate between the regular flu and COVID. Do I believe one fucking thing 3 letter alphabet agencies say about anything? No. But, they do. However, they just don't listen. I know no one who was "claimed" as dying from COVID. But everyone I know but me has tested positive for COVID? Shit, I haven't been sick since 2016. Not even a mild cold. Yet I know idiots that tested positive 3 times? They are that fucking mental they get tested that fucking often. What's the point? They aren't going to open up a hospital bed because your dumbass got COVID. So, I tell everyone, I guess I got COVID 6 times and didn't even know it.
@genericname85 But there's a new number 1 killer out there. It's the opposite of SIDS. Which we all know is Sudden Infant Death Syndrome. The new number 1 or top 5 or 3 or whatever. Know what they call it? SADS. Sudden Adult Death Syndrome. It has nothing to do with healthy people dropping dead from a jab right?
@schittywok well these people you're talking about who ware still wearing masks and thinking about the 4th jab are just lost causes. there's nothing you could ever do for them either way. it's not "funny" as in "haha" but as in a pathetic display of human inadequacy and incompetence. they would still continue if the government and media publicly announced it was all a hoax.
The cost of basic living is honestly so fucking ridiculous. Just a couple years ago, I could buy a weeks worth of food for $100 or maybe $150. Now $150 worth of groceries is only 3 days worth.
Rent keeps going up along with the requirements it takes to qualify for an apartment. All this while wages for jobs stay the same. Then the older generations wonder why we’re struggling to get on our feet, but back in their day they could buy a house off a minimum wage salary lol. Then they say shit like “Well I work 80 hours a week, at 3 different jobs, with zero days off a year, what’s your excuse? 😡”
like bro I shouldn’t have to piss my life away working 24/7 for the next 60 years just to afford basic necessities lol.
Where do you live? I do think they will come down at some point but they won't go all the way down. But I feel like this will speed up the sustainable energy and cars production even more because there's more of a financial incentive now. We'll see what happens. I know that I won't be homeless or starving or freezing no matter what happens so I'm glad about that. I hope you'll be ok too.
They will eventually, but prices tend to go up fast due to events, and come back down very slowly.
However, where I'm at, gas prices have already come down. People got spoiled by low prices for several years. After adjusting for inflation prices now are actually pretty reasonable compared to the last 40 years or so.
You expect me to believe sunny D is 34.99 get real user. Sunny D will Never cost that much. There's a Limit they government will rise prices too. Government is never going rise bread to 50 dollars or something Crazy. Food will be pricey. But not to crazy as if food is too expensive nobody will wanna go to the store anymore or eat out and places will get Shut down. You just don't know how to Shop Cheap. That's your problem.
Sounds crazy, but it can happen. There's multiple governments out there handling things differently and with different circumstances. We are spoiled in developed modern countries and haven't experienced such a thing in a long time.
@petitebabe64 Typical idiot Liberal. Age? 19. Just old enough to be a college puke and still believe that the Potato Head and Heels Up Harris are totally doing fine.
@petitebabe64 For fucks sake, have you heard of the price for Cheetoh's in some places? Or anything? The world is vast beyond your shitty Campus dorm. You do know the price of a McD's meal is so high it's equal to sit down restaurants?
Why would it? Go look up the quality theory of money... Then look at what the Federal Reserve has done to the money supply of the USD which is the world reserve currency in the link I provided... If you want cheaper food, then start producing it yourself. For prices to go down, real output of goods must go up significantly.
The Federal Reserve has 10 Democrat economists for every 1 Republican economist... When you keep electing people like Obama and Joe Biden who picks a running mate like Kamala Harris, you will continue to accumulate people in the Fed that believe in these sorts of economic policies. Kamala Harris’ father is a post-Keynesianism economist. That is the way she was raised to see the world. Keynesianism is based upon the assumption that the government should intervene within the economy to mitigate the problems of market failure. In the context of socialism, Keynesian economics can be used to implement policies associated with equality and social justice. This is why companies are too big to fail as they market it to you. They want a command economy, otherwise known as communism. They want to pick winners and losers in the economy and prop up zombie corporations that aren’t productive just because they are allies to their politics. Thus they print money at rapid rates to buy their failing corporate bonds so that those companies do not fail. As a result you have a bunch of unproductive companies that do not produce real output and piles of depreciated currency so that communist elites can live lavishly without actually working.
If you vote for left wing politics, then everything costs more and you become extremely poor. That is how communism works. You have a party elite who leeches off 99% of the population who serves as a slave class.
What’s crazy is that the poor often get conned into committing election fraud to rig elections to favor these communist assholes who keep the poor in economic bondage.
It will get worse before it gets better This winter there will be rolling blackouts and the price of gas will be back up over 5 bucks a gallon. Home heating oil will be 8 bucks and my local electric company has already announced that there will be a 64% price hike. I can't imagine how many people will be frozen to death.
of course. that's how economy works. it's like a sine wave. prices go up and down in time. the thing is you never know for how much time and how hard recessions go. right now we're on a downward slope that was mostly caused by corona and partially caused by chinas and russias economic warfare (yes we're in the middle of cold world war already). so i would say it's safe to assume that this downward slope is gonna go down for quite a bit still.
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Anonymous
(30-35)
+1 y
yes eventually... but you will have to wait awhile. the reason i say this is because if it doesn't go down, then our wages will have to go up. and corporations obviously don't want that. so then the prices will have to go down or else no one will be able to live.
as for you going homeless, no one knows. if you need assistance, start looking!
Once 2024 comes around and we get a real President in office. I mean, the last time shit sucked this bad was 1979, when the worst President in our nations history before Biden was on office. The almighty Jimmy Carter. Then we had Reagan clean up shop. We are just waiting for Trump to take over again.
Stupid thing is? Not enough Libtards have learned the lesson. You would think they would have by now. Yet, October/November brings upon us a big time election year. They still believe the Potato is legitimate and doing just great. And they will continue to vote Democrat, because they are butt hurt on abortions and guns.
Any red cent American with half a brain by this time knows Libtards shit the bed. So, why would you want to live in your own shit? That makes no sense right? Then what do you do? You move out. In droves. But then you continue to shit in your own bed, after you moved out of your bed that you just shit in. Please stop shitting in your bed. You want your Puppy Dog to stop it. So, ALL LIBTARDS, please get a brain. Stop shitting in your own bed after you moved out of that shit hole!!!
Gas prices will definitely come down if the US re-opens the keystone pipeline which we had prior to the Biden administration plus it Will create new Jobs and will boost the economy. America needs to be independent and bring jobs back to the States. An example was when I was in Walmart and saw a display of American flags and I was cracking the f*ck up when I saw the little tag attached that said "made in China". 🤣
The economy is the aftermath of Trump's economic plans, it takes several years for it to actually come around. Or did you miss that day in economics class?
@schittywok The economy is more complex than that. Global factors outside of any president have created the majority of the issue. The rest is the cumulative effect of government. You will very rarely feel any impact from a president during the same term.
@Dazed0N0Confused Wow. Just wow! We need Trump back now. Stat. You need to be put into a padded room. Everything Biden does creates chaos. He has done nothing in 47 years, besides being a racist dip shit of a Boob gaffe machine. Obama said, and I quote "Don't underestimate Joe's ability to fuck things up." Well, the people are not dumb, we knew what the fuck would happen if Biden was President. And it's happening hard core. In your mind he's totally doing a fine job. In your mind he totally got 81 quadrillion people to create this mess we have.
@uwotm8e I fully understand Biden is just a representative. Yet he doesn't help himself with his Cabinet's down right deleterious policies. It fucks over our Country.
18% interest rate, 11.00 gallon, 2- 3rd year of next President term. It takes 6 years to kill a good economy like Trump built…. Multiple military fronts in play too.
It will get to the point people just can’t do it anymore. Canada is the worst. Our country has dropped out of top 10 best countries to retire in. We are so heavily taxed here it’s crazy. Then you have soaring fuel and food prices. People will not be able to keep up.
In a couple of years prices will stabilize if the fed acts responsible, but it will most likely not come down, that luxury is only affordable by countries like Switzerland where deflation is a real thing.
Now, apparently, this new decade will not be like the 2010's; there are too many geopolitical conflicts of global scale and newer competitors to america's exceptionalism. This decade will most likely not be one of bull markets or where money plays the most important role.
There's an old saying "What goes up must come down." That may apply to gravity but it doesn't apply to economics.
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Anonymous
(36-45)
+1 y
Could go homeless and many are living in a tent and shelters right now. No end in sight unless Uncle Donny comes back or we also take back the seats in Nov.
Yes they will. But not for a long time bar some unforseen deflation which would be worse then inflation for those who don't enjoy the thrilling world of macroeconomics.
Yes, of course they will. Gas prices have already been coming down for a while.
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Anonymous
(45 Plus)
+1 y
Have you ever known prices to go down? Did you know the Federal Reserve has an annual inflation target of 2%? If it goes below that (fat chance) they print more money.
You think Biden gives a damn about actual issues? He only cares about pandering to the LGBT and couldn't care less if straight people (especially straight men) are victims of his policies.
I know he doesn't, I know he has a agenda, and its strictly only to drive America in the ground so China can Rule the world. Thats what I predict he is doing
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