'Inflation causes so much pain with everything we buy and everything we do.'.

With the price of gas and price of food so high, I don't see how anyone can have extra money to do anything other than work.'

'I work 40+ hours and can barely afford to survive.

'Prices on everything just getting higher and higher.

Some of the participants' feedback included: In fact, a new CNN poll shows that 75% of American families consider inflation their 'biggest economic problem.' Moreover, that number is bound to decline from here since inflation isn't fading. But when you adjust for inflation, they've only risen 15%.' Sales appear to be up 30% from pre-pandemic numbers.

Actual American consumption appears to be leveling off instead of increasing. 'When adjusted for inflation though, it appears that spending isn't actually as strong as we once thought. ' This is a telling bit of information - especially since many of the most optimistic economists cite strong consumer activity as the reason why they're expecting a mere mild recession. Let me explain… Inflation Is Hurting Everyone More Than You're Hearing (You're Hardly Alone) Americans are spending more because of high prices, but adjusted for inflation, they are usually consuming less.' 'Spending also rose over the past year, and like with wages, it was outpaced by inflation. When taking inflation into account, there hasn't been a single month with year-over-year earnings growth since March 2021. 'But those steady gains have been wiped out by high prices. 'Over the past year, wage increases have continued to exceed pre-pandemic levels, with year-over-year growth topping 4% each month. I went on to quote The Wall Street Journal as saying: 'But how much longer can that last? Or, to ask another relevant question, how is this even possible?' Even though discretionary spending waned from its pandemic levels, Americans are still driving up demand for homes, cars, and other big purchases. 'Throughout all of this though, the American consumer has remained surprisingly strong, all things considered. And earnings season has shed light on some of the challenges our banking institutions face. 'Inflation metrics have quickly outpaced predictions from top economists. 'In the last couple of weeks, we've witnessed a whirlwind in terms of economic data. In my blog post on Monday, July 19, I wrote: What I do want to do, however, is put them in perspective. And I'm not trying to completely downplay or disagree with those assessments. I know we keep hearing about the strength of the U.S. People are hurting financially these days.

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