Despite what the government tells us like historically low unemployment and low inflation, many people feel like they are living in a nation of would-be hustlers, juggling two, three, even four jobs just to make ends meet.
There are lies, damn lies, and statistics. While official data often capture headlines and comfort policymakers, they do not always reflect reality on the ground. I have lost count of how many times I have heard people say they simply cannot keep up with the rising cost of living, no matter what the “official” inflation numbers suggest.
It is the kind of disconnect that fuels our quiet suspicions. Something is not quite right with the economy and yet, some of our elected leaders remain blissfully unaware or perhaps willfully ignorant of what is actually going on. Enough of the soap opera!
During my recent trip, I met folks from all walks of life, many of them echoing the same worry. The cost of everything is rising. Homes. Health care. A decent college education. Essentials are feeling more like luxuries.
The reality is grim is that the standard of living for many is being squeezed by both rising prices and stagnant or even declining real wages. People are stressed. Mental health is deteriorating. Savings are dwindling. Hoping that clueless politicians will ride in to save the day? That is not a plan.
For those who have been disciplined enough to save, inflation feels like a cruel joke. When interest on savings fails to keep up with inflation, it eats away at the real value of money slowly but surely. The result? A loss of wealth and growing financial insecurity. So much for being prudent.
Meanwhile, wealthier individuals often ride out inflationary storms with the help of appreciating assets and savvy investments. It is those in the lower income brackets, who spend most of their earnings on necessities, who suffer the most.
I bring all this up not to complain. Okay, maybe just a little but to make sure you are doing something about it. Even if you are not part of the glittering 1%, there are ways to prepare and protect yourself. Like it or not, inflation is going to be a bigger monster in the years ahead.