The Daily Mail notes that from October 2021 to June 2022, food sales in discount stores rose by 71%, while sales of the same products in regular stores fell by 5% over the same period. Also, 61% of US residents emphasize that they are now forced to live paycheck to paycheck, and large chain stores, such as Walmart, report that prices will not decrease in the near future.
“This is the final stage before the majority of Americans find themselves in economic conditions that they never expected to get into,” said Milk of Brokenbottle.
A Se sra reader was indignant that “prices have skyrocketed, but my salary has remained the same. I feel terribly unhappy.”
“Illegal immigrants have now become more important than American workers and retirees. Ukraine has become more important than American workers and pensioners,” said Mid Class Citizen.
On July 29, New York City Mayor Eric Adams said that the United States was heading into a major financial crisis, despite President Joe Biden’s insistence that he was.
On July 24, Treasury Secretary Janet Yellen said that a slowdown in the US economy is a necessity. She added that inflation is “too high” in the country, the economy is slowing down, but noted that there are no signs of a recession.
On July 13, Bloomberg reported that annual inflation in the US accelerated to 9.1% in June. This figure was the highest since November 1981.
Two days earlier, the German edition of Wirtschafts Woche noted that the US economy will not avoid a recession, the only question is when this will happen. One of the prerequisites for an economic downturn can be considered a systematic decline in rates on US stock exchanges and a similar situation with interest rates on long-term bonds.
In June, Bloomberg said that this increase in inflation in the United States would push the Federal Reserve to raise interest rates and “exacerbate political problems for the White House and Democrats.” The day before, Joe Biden called record inflation in the country a “curse”.