Peach Tree Times

The U.S. Department of Labor released data that showed inflation is currently increasing at a rate not seen since 2008, Forbes reported, which a Georgia Public Policy expert said is a cause for concern.

According to a Shopkick survey, 83 percent of Americans are tightening their budget this year due to inflationary pressures, and 54 percent are “very worried” about inflation, Forbes reported.  More than 90% of respondents in the Shopkick survey also claimed their food and fuel costs have risen since President Biden took office.

"Inflation is a serious concern, especially as we see the cost of everyday goods continue to rise. It will disproportionately impact lower income earners as items like food and fuel will outpace the growth of wages and salaries," Chris Denson, director of Policy and Research, Georgia Public Policy Foundation, told the Peach Tree Times.

All 13 swing voters in an Engagious/Schlesinger focus group reported feeling anxious about the state of the US Economy, including Georgians. One Georgia woman worries about how unemployment is preventing people from working, saying that she knows people who wished they had been laid off so they could receive unemployment benefits. She said choosing to remain unemployed to collect benefits is tempting, but “not socially responsible.”

"Essential industries such as restaurants and construction have been hit exceptionally hard, with many struggling to find employees after reopening their businesses, while also lacking vital commodities due to shortages in the supply chain," Denson said.

Inflation is expected to increase by more than 60% from its pre-COVID-19 low of 1.4 percent to 2.3 percent or more, Sen. Rick Scott said in a letter to his colleagues.

"That’s a 60 percent increase in inflation. However, we know that if Congress continues to spend and do nothing about our growing debt, inflation will rise even higher," he said in the letter.

The US money supply has grown by 40% since the start of the COVID-19 pandemic. Before the period of high inflation of the 1970s, the money supply had increased by just 13 percent, the Federalist reported.

The Congressional Budget Office released a report predicting if present tax and spending policies remain unchanged, the US National Debt would exceed 107 percent of the GDP by 2031, the highest amount in US history.

The report also found he current public debt, which was 100 percent of GDP at the end of fiscal year 2020, is expected to rise to 102 percent of GDP by the end of fiscal year 2021.