Inflation rises faster than expected, pinching pocketbooks and spooking the markets

Michelle Singletary:

It’s definitely those making minimum wage or just a little bit above minimum wage, those who are on Social Security, and that is most of their income coming in, even though Social Security had an increase, a cost of living increase, but it still isn’t keeping pace with inflation as it still goes up.

So anybody — there’s really two parts of our economy, those people who are complaining about gas prices and food prices, but they can bear that cost. And I just need you all to stop fussing so much, because you can do this. Tightening for you is eating out one last time this week.

And then there’s the part of the American public that was struggling even before the pandemic, and now they have got inflationary prices. And for them, it might mean having two meals, instead of three, right? And for that population, we have to help them, more funds to food banks.

If there people in your life so you know are struggling, help them out. Maybe pay their rent for a couple of months, if you have that extra, so that we can all get through this. I mean, people keep asking me, what can people do? You can do something. To whom much is given, much is required.

So, if you have got some extra, help some folks out. Give more to charities that are helping feed the poor and helping people with housing. So that’s how we’re going to get through this, together, and on an individual level. What can you do?

If you are doing OK, go ahead and buy that car, go ahead and eat out. But, if you’re not, you have got to pull back.