Inflation hurts minority communities due to their dependence on the items that rise fastest: food, energy, and housing. Many individuals work essential, minimum wage jobs, finding it more challenging to earn more money to pay for the higher cost of living.
Inflation could dig in even harder. Real ClearPolitics warned, “Democrats’ $3.5 trillion ‘human infrastructure’ spending plan would make inflation worse, leaving more American families scraping by today and saddling future generations with astronomical debt.”
Pumping new money from the infrastructure bill into the economy will force prices up even higher. This result affects every person as the cost of items and goods universally goes up.
Prices are up 5.4% nationally over a year ago. Gasoline costs a buck a gallon more, up over $5 in some areas of California. In light of the rising costs, Bloomberg News/Morning Consult survey found more than 40% of blacks are paying more for groceries. Additionally, those with long commutes are paying much more to get to their place of work.
Dana M. Peterson warned, “lower-income families and retirees on fixed incomes will especially feel their buying power erode.” Writing in CNN Business, she added the pinch would hurt not just for a short time, “but for many years to come, further widening the nation’s wealth gap.”
Many wonder what solutions could improve the rising inflation. However, until government spending reaches an agreeable level, rising costs could be in America’s future.