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.
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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.
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
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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.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.
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.
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.
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". 🤣
Not if you have a good employer that makes sure to keep wages on par with the cost of living.
My partner works for a company that gives raises to keep up with inflation on an annual basis if not more if the need arises.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.
The recession started in June.
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.
Sure. but they shouldn't as you need to pay what you owe.
You've been living off cheap off the back of others for too long, and have become entitled to boot.
Yes, once the communists that have taken over the US government subcontracting corporation are cast into the pits of HELL!
Double digit inflation? It’s horrible. But it’s so much better than having bad Trump tweets though…….
There's an old saying "What goes up must come down." That may apply to gravity but it doesn't apply to economics.
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.
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.
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