As of the end of 2023, the typical U.S. worker could afford the same goods and services as in 2019, prior to the pandemic, and had an additional $1,400 to spend or save per year, according to a January analysis by Treasury officials.
Demar Byas of Pontiac, Michigan referred to experts touting the nation’s economic performance as a “slap in the face.”
“You’re celebrating these numbers, but we are struggling,” said Byas, who juggles several jobs to make ends meet. “It’s no relief in sight, and just say those numbers and to celebrate that, and as I said stuff becomes a slap in the face.”
Yes, that’s how inflation works. Once prices go up, they don’t come back down. The only time deflation happens is with Great Depression level events that would cause far more damage than the inflation.
The only way to fight inflation is to slow it down and then have wages rise enough to compensate for the higher prices.