America’s inflation rate hit a 40-year high at a 9.1% consumer price index increase. This increase is partially due to the gas price increase we saw in June. We have also seen a general rise in the price of food, rent, and everything needed to survive.
Many companies saw a dip in their stock after this information came out. Companies such as Delta, Dow Jones, United, and UnitedHealth saw a downward slope on Wednesday. After all, the American dream includes extreme inflation and a collapsing stock market. And at this rate, we will have to take out small loans for cereal.
Some pros may come out of this situation. Congress has the chance to pass a bill that will increase tax collection from big business and high-earning individuals, reducing the prescription drug costs and federal budget deficit. This puts pressure on the Federal Reserve to contain rapid price increases.