Despite assurances from progressive government officials, inflation is and will likely remain America’s most pressing economic issue. Not only has inflation reached a 40 year high of 8.6%, but it is causing the average American household to have to pay $450 dollars more per month for the same goods as last year. To pay for this added burden, people are being forced to forgo vacations, delay medical procedures, put off purchasing big-ticket items, and more.
While White House officials are attempting to downplay inflation’s effects, new polling suggests that the problem is on the mind of many.
According to a report by Statista’s Global Consumer Survey, 44% of Americans surveyed believe that inflation/cost of living is “Americans’ Top Concern,” followed by health and social security (39.7%), the economic situation (39.7%) and crime (36.2%). It’s worth pointing out that the No. 1 concern (inflation/cost of living) and the No. 3 concern (the economic situation) are closely linked.
It’s no surprise that inflation worries are dominant right now. Consumers’ purchasing power is eroding at a rapid rate, which is having a particularly harmful effect on the low-income and those on fixed incomes. It’s a truly difficult time.
How long this crisis continues is anyone’s guess. Washington officialdom suffers from a leadership deficit, a love of central planning, an addiction to easy money policy, and a passion for spending other people’s money, all of which are perpetuating the problem. We need big changes—like a restoration of the free-market, federalism, and sound money—if we’re ever really going to get a handle on things, and ease the minds of Americans everywhere.