Inflation affects low-income families and workers
In the last couple years inflation has affected so many low-income families and workers around the U.S due to essential needs going up in price.
“Inflation is a sudden rapid rise in prices. An economist would say we are in a period of inflation if prices of all kinds of goods, services, and products are going up like by a large percentage in a very short period of time,” economics teacher Sean Decker said.
Many have given up essentials that they need every day just so that they can afford the essentials for themselves and their families.
A mother shares her experience of financially struggling throughout the last couple of years.
She says, “It has been hard for me and my family because we have to spend money every month for our necessities and sometimes, we can’t even buy all of our things.”
Many parents have to get two jobs just so that they can afford their essentials.
“I work two jobs and sometimes don’t have a single day off. I just want to make sure my family has everything they need, but it has been challenging since lots of things went up in price,” a father of four children in Santa Ana said.
Decker is a teacher at Segerstrom High School and has heard some students talk about their family struggling.
“Some of their [the students’] families are really struggling since they are low income and have told me things like their parents cannot fill up their gas tanks, and they have to share rides with other family members and neighbors to save money for gas,” he said.
There have been many news articles related to inflation and how it’s affecting families.
A CNBC news article said, “According to the latest government data, prices for staples like eggs, milk, cereal, bread and butter notched some of the largest increases, further straining household budgets.”
“Some families had to cut back on their food budgets,” Decker said.
Over the pandemic many lost their jobs and didn’t have money for a while and as prices went up it made it more difficult.
A Robert Wood Johnson Foundation article said, “At least half of households in the four largest U.S. cities—New York City (53%), Los Angeles (56%), Chicago (50%), and Houston (63%)—report serious financial problems including depleted savings, and trouble paying bills or affording medical care. 43 percent of rural households report many adult household members have lost their jobs, been furloughed, or had wages or hours reduced since the start of the outbreak, with two-thirds of these households (66%) reporting serious financial problems.”
Overall, this has been a problem throughout these last couple of years. It also has affected so many families and hardworking individuals. Even though they work so hard, it doesn’t seem to get any better.
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