Prompt: The article highlights how temporary government interventions can provide relief for struggling families in the face of rising inflation, but once these supports are removed, the inherent vulnerabilities of lower-income households to inflation resurface.
Tasks:
1) How does your personal or family experience with inflation during the post-pandemic period relate to the findings of the research reported in this article? Reflecting on what you have learned about the cost of living and inflation in Lecture 9, how did the high inflation of 2022-23 impact your economic situation? Discuss briefly.
2) response to this passage whether you agree and disagree and reasoning
“The inflation post-pandemic reduced my purchasing power enormously. Everyday products became much more expensive and my consumer habits changed dramatically as a result. I was forced to move in with my parents in early August so that I could afford graduate school. The rising cost of rent also prompted me to make this decision which enabled me to cut costs and be able to place more focus on school. The increase in gas prices also exacerbated the problem since almost all commodifies are affected by it. In summary, the inflation eroded my purchasing power as prices on essential goods rose sharply. It forced me to make tough choices to cut costs like cancelling planned vacations and weddings so as to be able to afford important things like graduate school. I was also forced to leave for a new travel job to be able to cushion the rising expenses ”