General Question

Ltryptophan's avatar

In 2022 will most people pay more in price increases than they received as stimulus over the pandemic?

Asked by Ltryptophan (12091points) December 28th, 2021 from iPhone

Inflation is here. Prices are skyrocketing. Are we going to rapidly give back every penny we took in as stimulus payments over the next year(s)?

How much has inflation already costed people who make less than $75k per year?

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12 Answers

Blackwater_Park's avatar

If you buy groceries you know how much.

snowberry's avatar

Absolutely and more! I can’t say the idea stimulates me either.

BeeePollen's avatar

Here in the US, I’m definitely coming out ahead because food is a small portion of my budget (plus the stuff I buy hasn’t gotten more expensive) and my rent isn’t going up. I think that first part actually applies to most Americans besides the very poor (and I think they got more additional money than just the stimulus checks). Could be wrong about that. And I’ve actually saved money since I don’t go out anymore.

But from what I hear anecdotally, rent is skyrocketing for many people, especially people in cheap units. I’m not sure if that counts as “inflation” exactly; it doesn’t contribute to the price indices as much as it should and I don’t think it’s really caused by the usual factors that would cause inflation generally. (Maybe building materials affects it some?)

And then if you want to throw in the rest of the world, yikes:

But at the end of the day, at least in the US, I’m more worried about the people who dropped out of the labor force, lost a breadwinner, or got evicted due to the pandemic. I was fortunate enough that none of those things happened to me (yet). I think that’s going to have a bigger economic impact on people.

Does that make sense? I’m not basing this on any data other than the world food price thing. Just my personal experience. I also don’t really use the healthcare or education system, which iirc have been the two biggest inflation drivers in the US for a while.

janbb's avatar

@BeeePollen I’m with you. I haven’t really noticed food prices taking a much bigger part of my budget.

BeeePollen's avatar

@BeeePollen “I don’t really use the healthcare or education system” a.k.a. I’m reckless and dumb LOL. Sounds about right.

JLeslie's avatar

I’m not spending much more. Prices have been this high before many times on a lot of my regular expenses. Gas has definitely been much higher than what it is now. Food prices on some items have been higher in the past too, although I noticed beef seems more expensive.

The big price increases I’ve seen are cars and houses.

smudges's avatar

I’m below the poverty level and even with rental assistance, my portion went up $94/month, which is outrageous. They have 471 units and just by doing very conservative calculations, the complex takes in over a million a month. Yes, I know, they have bills too. wah wah wah.

Groceries have gone up incrementally for several months, to the point that I’m spending $50 more for the same period of time that I was spending 6 months ago.

@BeeePollen No, the very poor didn’t get any more money than anyone else, but I did read somewhere that they were sending checks to dead people. :o(

BeeePollen's avatar

@smudges Did your landlord give any excuse for the rent hike? (I would assume nothing but wah wah wah, as you describe….)

smudges's avatar

I think it had to do with property taxes, but you know. . .they’ll tell you whatever they need to and you have no way of finding out if it’s true.

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Lonelyheart807's avatar

Maybe, but I do think that media constantly talking about inflation and shortages is helping to fuel the problem. People hear about prices continuing to rise, panic, and then go out and buy a bunch of stuff. Demand increases, and prices respond in like kind.

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