Tag Archives: Inflation

Americans hurting from inflation and resorting to credit cards

Revelations 18:23:’For the merchants were the great men of the earth; for by thy sorceries were all nations deceived.’

Important Takeaways:

  • Credit card balances reach record $866B as consumers battle economic headwinds
  • According to TransUnion’s Quarterly Credit Industry Insights Report (CIIR), bankcard balances rose 19% during the third quarter from a year ago, reaching a record $866 billion.
  • This was driven heavily by a growth in Gen Z and Millennial borrowers whose balances increased 72% and 32%, respectively, according to the report.
  • This increase is caused by the myriad of economic challenges facing consumers from “this environment of high inflation, and secondarily by the higher interest rates
  • Overall, number of credit cards issued over the third quarter rose to 510.9 million
  • Meanwhile, the average credit card debt per borrower rose from $4,857 to $5,474.

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One job isn’t cutting it when everything costs more

Revelations 18:23:’For the merchants were the great men of the earth; for by thy sorceries were all nations deceived.

Important Takeaways:

  • ‘I know how tough it can be’: Americans look for side hustles to fight inflation
  • The cost of living rose 8.2% in September, while wages rose just 5.1%. And there are still jobs to be had.
  • The labor market remains healthy, for now at least. The economy added 261,000 new jobs in October. The Federal Reserve, meanwhile, worries strong jobs figures will keep inflation at a 40-year high.
  • Half of women surveyed (53%) by Prudential Financial say they cannot afford their current lifestyle or are barely getting by — while 40% of men said the same thing.

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Secretary of the Treasury says no sign of Recession in US economy despite ridiculous inflation

Revelations 18:23:’For the merchants were the great men of the earth; for by thy sorceries were all nations deceived.’

Important Takeaways:

  • Really, Janet? Treasury secretary Yellen says she sees NO signs of a recession in US economy – despite two previous periods of negative growth, falling stock and housing markets and soaring inflation
  • Treasury Secretary Janet Yellen said she does not believe a recession is looming despite two first-quarter declines to open 2022
  • Gross domestic product (GDP) fell 1.6 percent in the first quarter before falling an additional 0.6 percent the following quarter
  • Yellen: ‘Inflation is very high – it’s unacceptably high and Americans feel that every day’
  • GDP rose by 2.6 percent in the third quarter – though economists say they ‘don’t expect this growth to continue this year or early next’

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Due to high inflation Americans are skipping health checkups and meals to save on expenses

Revelations 18:23:’For the merchants were the great men of the earth; for by thy sorceries were all nations deceived.’

Important Takeaways:

  • Survey: Nearly 1 in 5 Americans Skipped Meals, Didn’t Buy Groceries Due to High Inflation
  • Many have stopped buying healthier food options. Eighteen percent said they had skipped meals or did not buy groceries.
  • Beyond facing food insecurity, the same survey also found that high inflation is forcing Americans to delay certain healthcare expenses. Fourteen percent of Americans have canceled or postponed plans to see a healthcare specialist, ten percent have delayed taking prescribed medication, and 11 percent stalled receiving a yearly physical.
  • Grocery prices have climbed 13 percent from a year ago, rising 0.7 percent from August to September
  • Core inflation — not including food and energy prices — is up by 6.6 percent since a year ago, the highest it has been in 40 years.

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More Americans are living paycheck to paycheck: Just having a job isn’t enough these days

Revelations 18:23:’For the merchants were the great men of the earth; for by thy sorceries were all nations deceived.’

Important Takeaways:

  • 63% of Americans are living paycheck to paycheck — including nearly half of six-figure earners
  • With persistent inflation eroding wage gains, the number of Americans living paycheck to paycheck is near a historic high, according to a recent report.
  • Almost half of those earning more than $100,000 say they are just getting by.
  • “Being employed is no longer enough for the everyday American,” Nayar said. “Wage growth has been inadequate, leaving more consumers than ever with little to nothing left over after managing monthly expenses.”

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The Middle Class Is Dying! 50 Percent Of All American Workers Made Less Than $3,133 A Month Last Year

Inflation is systematically destroying our standard of living, and the middle class is shrinking a little bit more with each passing day.  The Social Security Administration just released wage statistics for 2021, and the numbers that they have given us are quite stunning.  As you will see below, half of all American workers made less than $3,133 a month last year.  Once upon a time, you could live a very comfortable middle class lifestyle on $3,133 a month.  But thanks to inflation, such a wage now puts you just barely above the poverty level.  The decisions that our leaders have been making are absolutely eviscerating the middle class, and that should deeply trouble all of us.

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Aldi considers selling edible INSECTS to help families through the cost-of-living crisis

  • Aldi is considering introducing a line of edible insect recipe kits in its UK stores
  • The cost of Living Crisis has prompted the supermarket to look at new foods
  • Channel 4 running ‘Aldi’s Next Big Thing’ which will hear from bug farmers 
  • Aaron Thomas and Leo Taylor hope their ‘Yum Bug’ products will be successful

Budget supermarket Aldi is considering selling edible insect recipe kits as the cost of living crisis hits families.

Bugs such as crickets are known to be a cheap and sustainable form of protein.

Now Aldi is weighing up whether to stock products by Yum Bug, which make the insect recipe kits.

Yum Bug founders Aaron Thomas and Leo Taylor, both 28, are competing against other start-ups to get their product on the supermarket’s shelves.

The duo were picked from hundreds of applicant’s to appear on Channel 4’s ‘Aldi’s Next Big Thing’ tomorrow.

Hosted by Anita Rani, of Countryfile and BBC Radio 4 and Chris Bavin, of Britain’s Best Home Cook and Eat Well for Less, the six-part TV series sees suppliers compete in categories such as dinners, baked goods, treats and store cupboard essentials.

Products are presented to Julie Ashfield, Managing Director of Buying at Aldi UK, who deliberates on factors such as price, packaging, shopper demand, and the ability to scale up, before whittling contestants down to just two.

The finalists are then given four weeks to address any feedback, before presenting improved products to Julie who decides which product will appear as a Specialbuy in over 970 stores.

Mr Thomas, from Islington, London, said: ‘We’re on a mission to change perceptions of insects as food; they’re one of the most sustainable protein sources in the world.

‘Crickets are up to 70 per cent protein, which is three times the amount of protein found in beef. They’ve also got more iron than spinach, more calcium than milk, and the list keeps going. They are an incredible superfood.

‘We want to take bug consumption mainstream. If we’re able to get in front of Aldi’s audience, that would be an amazing opportunity.’

Mr Taylor said: ‘Aaron and I have been cooking with insects for years – it started in 2017 with weekends experimenting out of my parents’ garage, cooking up all sorts of recipes and posting content online.

‘We then sold our first insect recipe boxes out of our bedrooms in lockdown, and that’s really where everything snowballed.’

Aldi says the competition is part of its commitment to locally sourced products. It has pledged to prioritise home-grown suppliers as it works towards spending an additional £3.5 billion a year with British businesses by the end of 2025.

They said the competition was not specifically targeting the cost of living crisis.

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Economists Warn Biden’s Admin’s Student Debt Forgiveness Will Only Increase Inflation, Courts Could Also Chime In

President Biden announced his plan to forgive up to $20,000 in student loan debt for millions of Americans. But, some lawmakers and economic experts have raised concerns over its potential impact on inflation and the cost of college tuition. CBS News correspondent Christina Ruffini joined CBS News’ Caitlin Huey-Burns on “Red and Blue.”

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Inflation surges as vegetables are now up 40%

Revelations 18:23:’For the merchants were the great men of the earth; for by thy sorceries were all nations deceived.’

Important Takeaways:

  • No Veggies for You! Food Inflation Surges as Eggs, Pasta, Vegetables, and Grains Get Even More Expensive
  • Food prices surged in September, propelling the producer price inflation gauge higher than expected.
  • Here are some of the biggest price jumps.
    • Fresh and dried vegetables: up 15.7 percent for the month and 40.2 percent for the year.
    • Grains: up 10.7 percent for the month and 30.4 percent for the year.
    • Fresh eggs: up 16.7 percent for the month and 97.3 percent for the year.
    • Bakery products: up 0.8 percent for the month and 14.0 percent for the year.
    • Pasta: up 1.1 percent for the month and 34.1 percent for the year.
    • Finfish and shellfish: up 2.5 percent for the month and 2.9 percent for the year.
    • Processed fruits and vegetables: up 2.6 percent for the month and 16.0 percent for the year.
    • Dairy products: down 1.6 percent for the month but up 18.2 percent for the year.
    • Soft drinks: up 1.9 percent for the month but up 15.8 percent for the year.
    • Pork: up 5.5 percent for the month but down 2.0 percent for the year.
    • Fresh fruits and melons: down 1.2 percent for the month but up 20.7 percent for the year.
    • Turkey: up 0.5 percent for the month and 38.2 percent for the year.

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As The Federal Reserve battles inflation CEO of JP Morgan warns the US is months away from a recession

Revelations 18:23:’For the merchants were the great men of the earth; for by thy sorceries were all nations deceived.’

Important Takeaways:

  • JPMorgan CEO Jamie Dimon warns the US is just MONTHS away from a recession as the Fed battles to fight rising inflation – and is more likely to keep raising borrowing costs
  • JPMorgan Chase CEO Jamie Dimon predicted that the US will fall into a recession in the coming months as the Federal Reserve tries to combat rampant inflation
  • Although inflation has fallen to 8.3 percent as of August, it remains stubbornly high, with September’s report likely to influence the Fed’s decision
  • The central bank has been aggressively increasing interest rates to quell inflation, with rates expected to end at 4.4 percent this year
  • More aggressive rate hikes are also expected due to strong job growth and falling unemployment rates, as well as uncertainty in Ukraine

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