US economist Stephen Stanley says that people became poor not because of spending too much but because of inflation.
He said, “The prevailing narrative is that households were presented with a windfall during the pandemic and proceeded to spend like drunken sailors until the money ran out. Unfortunately, households have seen their beefed-up nest eggs get eaten away by inflation over the past two years,
The US is currently experiencing inflation, which has caused the prices of essential items to rise. According to citizens, this year they will have to spend 20% more on Christmas gifts than in previous years.
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