Inflation hurts people’s budgets by decreasing the value of money. As prices rise in the economy, as a result of reckless government spending and the Biden administration’s opposition to fossil fuels, the freedom of the American people is diminished.
American families, because of inflation, find it hard to afford groceries. They also find it challenging to buy a tank of gas for their vehicle. And also, Americans may find it difficult to buy gifts for family members and friends during the holiday season because of the sharp increase in prices in the economy.
In the United States, inflation jumped by 8.2 percent in September, compared to a year earlier. Recently, I wrote a blog post on how inflation in the current economy (also called “Biden economy”) hurts consumers. Inflation affects all aspects of human life. Inflation diminishes people’s freedom.
Many hard-working Americans are on fixed incomes. When prices rise in the economy, their incomes may not increase to keep up with inflation. Even if salaries and wages go up, the increment may not be enough to catch up with the soaring prices in the economy. As a result, inflation hurts families’ budgets.
America is the land of freedom. In the United States, people can live their lives the way they want to. However, inflation can hurt people’s freedom by restricting their budgets and movements.
Americans, in spite of working hard and earning income, are having to make tough choices because of inflation. Reportedly, inflation is forcing people to change their shopping habits by compelling many consumers to forgo their favorite brands and choose cheaper alternatives, or by making shoppers reduce consumption of meat and try plant-based foods instead. When inflation, driven by reckless government spending, puts pressure on people to give up their favorite consumer goods, that is equivalent to loss of freedom. Americans, as a result of inflation, are being forced to give up the goods that they otherwise would be able to purchase. Similarly, people are being forced to consume items that they would not have picked in the absence of inflation.
Furthermore, many Americans have reduced the amount of driving, because of high gas prices. The significant hike in gas prices is the result of the Biden administration’s opposition to fossil fuels. When someone has to cut back on operating their personal vehicle or forgo a trip to save money on gas because of soaring fuel prices, I consider that to be loss of freedom. It means that government policies, leading to rising gas prices, are forcing people to restrict their movements.
Finally, inflation blocks investment and growth by draining people’s income and savings. The portion of the paycheck that a hard-working American could put towards investment may now be spent on groceries. When incomes are not sufficient to keep up with rising prices, then people may have to draw from their savings. Inflation, therefore, limits people’s freedom to invest. Without investment, people may not be able to enhance their personal financial net worth.
The effects of inflation are severe for Americans’ budgets. And when budgets are hurt, freedom is diminished.
It is time to implement sound economic policies to reduce inflation, restore stability in society, and protect freedom.