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Many older Americans fear they do not have enough money saved to comfortably retire, and millions have no savings at all. The startling finding was revealed this week in a study by the group AARP, a political interest group representing older and retired Americans.
In June 2022, the COVID-19 pandemic saw the 12-month US inflation rate hit a 40-year high at 9%, after averaging 2.2% between 2000 and 2020.
On Friday, the US Labor Department reported that its producer price index (PPI)---which is used to track inflation before it reaches consumers---rose 0.3% between December and January (an annual increase of 0.9%) after falling -0.1% from November to December.
President Joe Biden’s plans to tout his stewardship of the US economy during his reelection campaign hit a snag yesterday when it was revealed that year-on-year core inflation stood at 3.9% through January. Now one economist warns that the prices of many basic goods will likely remain high even if inflation slows.
Housing costs have continued to soar in the US following the COVID-19 pandemic, and the wages in the US have not been able to keep up with those costs.