Is the financial system flawed? Was the gold standard better? Inflation or Interest rates, What’s worse?
The Federal Reserve hiked the interest rate and signaled there are more rates to come in the coming months. The interest rate was hiked by 0.75 percent like the hikes seen in June-July. The inflation rate calculated in August was 8.3% and has been a stubborn obstacle to deal with to stabilize the economy. The price of gas has dropped but the other costs like rent, electricity, and groceries remain high.
The public has been suffering from inflation since the pandemic and then the war in Ukraine made the situation even worse. The effects of these global issues have affected the entire globe. We see entire countries going bankrupt and it is the citizens that are having to suffer the consequences. The struggle is the worst when it affects daily life and the basics that one needs to survive. People are taking up send and even third jobs just so that they can feed their families. Sadly, the future doesn’t look very bright either and people are really concerned about how long this will continue and what the solution will be.
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