Pandemic savings drove inflation, now inflation is draining savings
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The savings rate for Americans has plummeted since the height of the pandemic. Plus, when air conditioning is more necessity than luxury.
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After reaching a record high of nearly 34% early in the pandemic, the savings rate has dipped below its pre-pandemic level.
The term describes the downturn in the value of bitcoin as well as the fortunes of companies that support the cryptocurrency ecosystem.
If you want to understand the challenge of slowing inflation without damaging the labor market, picture a skateboard ramp.
"When you take out major players, anything that destabilizes the world economy affects steel, affects all of us," says Lisa Goldenberg, president of Delaware Steel Company.
There are many more laws and programs to help low-income people stay warm in the winter than cool in the summer.
Some graduated into a pandemic and are experiencing high inflation and market volatility. That's changing their approach to their finances.