We’re going to begin with the staggering inflation hitting Americans right in the wallet. Prices were up 6.8% in November compare to a year ago. That’s the biggest increase in forty years. The cost of pretty much everything is surging, food, gas, electricity, housing, cars and clothes. And those who received raises this year are seeing them wiped out by skyrocketing costs. By one estimate, expenses for a typical family have shot up by about $4,000 in the past year. Now there are a few reasons why this spike, the rebound from the pandemic recession, a flood of government stimulus, ultra-low interest rates and those supply chain shortages. President B today says this is why Congress needs to pass his sweeping social spending package.
Here’s the bottom line for most working Americans, with inflation this high, if you are not getting a raise of almost 7% this year, you’re losing money, because it just doesn’t go as far. The latest item on the menu, higher prices. It’s a result of surging demand from Americans with money to spend, combined with lingering supply chain issues, ship stuck at ports, and a shortage of truck drivers to deliver goods. That’s led to the worst inflation in nearly four decades. It had pretty much been kept in check since the last major surge in 1980s, but now, the wallop to the wallet is especially pronounced in basic needs. Energy prices up more than 33% in the last year, and among soaring food prices, beef roast up more than 26% and chicken and seafood up nearly 11%. Fuel prices up 58%, hotel rates up 25.5%, car rental prices up 37%. And there’s another sneaky type of inflation that we’re seeing a lot more these days. It’s called drip pricing, and that’s where companies add fees and surcharges to the bill, so they can still advertise a lower price and maybe not scare away customers with sticker shock.
:::tip linger
- : to remain existent although often waning in strength, importance, or influence. 逗留;持续(在衰减中)
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:::tip keep in check
- : to keep (something) under control. 阻止,约束
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:::tip wallop
- : to hit with force. 猛击
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:::tip excerpt
- : a passage (as from a book or musical composition) selected, performed, or copied. 摘录,摘要
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:::tip corral
- : a pen or enclosure for confining or capturing livestock. 将牲畜或人群关在一起;收集
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