With inflation now at 8.6% and food prices rising the fastest in 40 years, Americans are trying to find ways to get by, and that means less spending.
“It’s really kind of tough ’cause you wanna have everything provided, food, but everything is so high,” said a grocery customer in Texas.
A woman at a gas station added, “I’m dipping in savings so that I can live.”
Credit card debt, which dropped during the pandemic as Americans used government stimulus checks to pay down balances, has rebounded to all-time highs.
As Americans tighten their belts and close their pocketbooks, it puts even more downward pressure on the economy, pushing it toward recession.
Almost half of the economists surveyed by The Wall Street Journal say a recession is likely in the next 12 months.
Treasury Secretary Janet Yellen still insists a recession is not inevitable. “Clearly inflation is…