ICYMI: INFLATION CONFIRMED AS GLOBAL ISSUE BUT U.S WELL-POSITIONED THANKS TO AMERICAN RESCUE PLAN
Income and Savings are Up in U.S Thanks to the American Rescue Plan
In Case You Missed It – While inflation due to the COVID pandemic and Putin’s invasion of Ukraine is hitting all the world’s major economies, including England, Europe, and Canada, the United States has been better-positioned to handle rising costs thanks to the American Rescue Plan.
The Biden administration’s policies have strengthened Americans’ wallets, allowed them to seek better jobs, and sparked a boom in new small businesses.
In 2021, Americans reported comfortable economic well-being at the highest rates since 2013, according to a new study by the Federal Reserve Board. 78 percent of adults reported either “doing okay” or “living comfortably financially,” while 68 percent said they would cover a $400 emergency expense using cash or its equivalent, the highest percentage since recording began in 2013.
READ COVERAGE ON GLOBAL INFLATION BELOW:
Euro zone inflation rose to a record high 8.1% last month in line with a preliminary estimate, more than four times the European Central Bank’s target and underscoring its plans to raise interest rates next month to tame runaway price growth.
Canadian consumer prices increased in May at rates not seen since January 1983, ahead of analyst forecasts, driven by pricey gasoline, official data showed on Wednesday, upping pressure on the central bank to follow the U.S. Federal Reserve with a supersized rate hike.
Rising food prices pushed the United Kingdom’s consumer price inflation to a 40-year high of 9.1 percent last month, the highest rate out of the Group of Seven countries. Historical records from the Office for National Statistics show May’s inflation was the highest since March 1982 – and worse is likely to come.
About Invest in America
Invest In America is a national rapid response operation advocating for robust public investment to rescue the economy from the COVID crisis and create prosperity for the future, and to fight back against fear-mongers who use deficit concerns as a scapegoat to starve American communities and businesses of resources.
The operation consists of two components: Invest in America, the charitable and public education arm, which is a fiscally sponsored project of Economic Security Project funded by the William and Flora Hewlett Foundation and Economic Security Project co-chair Chris Hughes; and Invest in America Action, the advocacy and social welfare arm, which is a fiscally sponsored project of Economic Security Project Action funded by Chris Hughes and the Omidyar Network.