By Josh Resnek
Inflation continues to impact Everett residents at the fuel pump and at the cash register in every way as the economy suffers through a dark period of price rises, price gouging and the value of our money tanking.
The talk now at the Federal Reserve Board is of much higher interest rates, which will cut inflation but which will lead to job losses and a likely recession, according to the nation’s top economists.
The stock market has entered Bear territory, that place where investors never want to be but which is an integral part of our speculative capitalist society.
Stock prices have fallen dramatically and with them, the value of our 401K and IRA accounts.
Housing costs for rentals and home buyers continue to rise even as interest rates continue their rise.
Traditionally, high interest rates lead to falling home prices.
However in this supercharged economy home prices will remain high because not enough homes are being built or are coming on the market for sale at a time when demand for homes is growing higher by the month.
Shoppers have been shocked by the rise in prices for all food stuffs and products sold inside supermarkets big and small
Bread, milk, meat, poultry, cookies, ice cream, soda and all baked products are dramatically higher in price with prices continuing to rise.
Even dog food has gone through the roof.
Baby formula, too.
interest rates, local banks will shortly be offering higher interest rates to depositors for savings accounts, Treasury Bills, and bonds not to mention higher interest bearing accounts.
The price for gasoline has created an almost unbearable situation for most Everett drivers and for drivers all over the nation with prices for a gallon of gasoline locally in the $5.00 range while in places like California prices are in the $6-$9 range per gallon.
However, it is the rising cost for food that is affecting so many working class families.
According to NUMBEO, a company which measures the cost of living, property prices and quality of life, the monthly recommended minimum amount of money for food per person for a 31 day month is $411.25 at the present time.
In other words, a family of four needs at least $1600 per month for food purchases to reach the accepted standard, according to NUMBEO’S figures.