15 August 2023
Persistently high inflation has led the typical American household to spend $709 more monthly than two years ago, as reported by Moody’s Analytics chief economist Mark Zandi. Despite a decline from its 9.1% peak in 2022, the Consumer Price Index (CPI) remains elevated at 3.2% in July. The Biden administration’s “Inflation Reduction Act” faces criticism, with core inflation standing high at 4.7%. Many Americans grapple with financial insecurity, reduced savings, limited healthcare access, and increasing credit card debt and delinquency rates.