For Theresa Clarke, a retiree in New Canaan, Conn., the rising cost of living means not buying Goldfish crackers for her disabled daughter because a carton costs $11.99 at her local Stop & Shop. It means showering at the YMCA to save on her hot water bill. And it means watching her bank account dwindle to $50 because, as someone on a fixed income who never made much money to start with, there aren\u2019t many other places she can trim her spending as prices rise.<\/p>\n
\u201cThere is nothing to cut back on,\u201d she said.<\/p>\n
Jordan Trevino, 28, who recently took a better paying job in advertising in Los Angeles with a $100,000 salary, is economizing in little ways \u2014 ordering a cheaper entree when out to dinner, for example. But he is still planning a wedding next year and a honeymoon in Italy.<\/p>\n
And David Schoenfeld, who made about $250,000 in retirement income and consulting fees last year and has about $5 million in savings, hasn\u2019t pared back his spending. He has just returned from a vacation in Greece, with his daughter and two of his grandchildren.<\/p>\n
Read it all<\/a>.<\/p>\n The poor are disproportionately affected by high inflation. They are *also* disproportionately affected by high unemployment — which is the likely consequence of the Fed's efforts to fight inflation. — Ben Casselman (@bencasselman) August 8, 2022<\/a><\/p><\/blockquote>\n \n
My latest w\/ @jeannasmialek<\/a>:https:\/\/t.co\/RpUDpci1e2<\/a><\/p>\n