Americans are running out of funds
After
Hembrecht, 70, lives alone in her tiny rented
Lately, she's had a hankering for a small pie from
"I really don't want anyone to feel sorry for me because I feel there are people out there who are worse off than I am," Hembrecht told me last week. "There are people living on the street, and we owe those guys and girls so much.
The government is ignoring them. I have a roof over my head. I've got food. I've got clothes. I'm doing OK. Sometimes at the middle of the month I might have one or
But there's plenty of empathy from me to go around, particularly for those Americans trying to survive the current clutches of poverty.
Hembrecht is right; there are people worse off than her. But as inflation rises, so does the avalanche of folks who are struggling to make ends meet. Some are running out of money or, if they have the credit-worthy means, financing necessities on their credit cards.
Inflation, which disproportionately hurts the poor, spikes the cost of everyday goods and services such as food, clothing and energy. Americans are experiencing the highest inflation rate in a generation, forcing many – those who were already living paycheck to paycheck – to cut back on personal spending.
"Restoring price stability will take some time and requires using our tools forcefully to bring demand and supply into better balance," Powell said in a Friday speech in
"These are the unfortunate costs of reducing inflation," Powell added.
My fear is that manufacturers and suppliers, feeling the pain of increased costs, will continue to pass on those costs – and more – to consumers. It's corporate price-gouging at its finest; ask anyone who has had to put gas in a car in the past six months.
Like many low-income Americans, Hembrecht doesn't have a financial cushion. She retired in 2019 on disability from the
Hembrecht's
More than 69million Americans receive
Hembrecht hopes for better days and more affordable necessities. But she refuses to have a pity party about her fixed, fleeting income.
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