This long bout of inflation is worrying everyone, including the President. His sarcastic reply to journalist Peter Doocy’s question regarding the issue and subsequent angry reaction shows how sensitive the administration is when it comes to the current precarious economic situation.
With food prices rising by more than 10% year on year, going to the grocery store is not the most appealing thought for most Americans. And filling up the car fills one with trepidation when you have to pay 50 to 100 shekels extra, depending on the gas guzzler you're driving.
With inflation at 7%, all American families must pay this new tax. The average American household spends around $200 per month. Many retirees, who don't have the luxury of a side hustle, are worried about whether their life savings will be adequate to meet the rising cost of living. Many lower-income households, living paycheck to paycheck, find it challenging to make ends meet.
A recent Kudlow/TIPP Poll asked over a thousand Americans, "What can the government do to reduce inflation?" Each person was allowed to select multiple choices.