Inflation Cooling, Americans Still Burning Through Cash

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In Today’s BRIGHT

Inflation Cooling, Americans Still Burning Through Cash
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Where’s Hollywood on UK Censorship?

Inflation Cooling, Americans Still Burning Through Cash

The Wall Street Journal (subscription required) reported inflation cooled in July, with the consumer-price index rising 2.9% year-over-year, its lowest since 2021. Core inflation, excluding food and energy, was 3.2%, also a three-year low. Experts say these trends strengthen the case for the Federal Reserve to cut interest rates at its September meeting, especially as concerns shift from inflation to potential labor market weaknesses. However, as noted in yesterday’s BRIGHT, the cost of housing continues to rise, and inflation remains above the Fed’s 2% target.

The Washington Examiner’s Salena Zito highlighted the severe impact of inflation on American households. Costs for essentials like food, energy, and insurance have surged over the past three years and are excluded from the tallies of good news the media will be pushing. Many Americans—65% of whom live paycheck to paycheck—have turned to credit cards to meet basic needs. This has led to a national credit card debt of $1.14 trillion, with delinquencies also rising. The economic strain affects all demographics, with increasing bankruptcy filings and layoffs exacerbating the crisis.

More from Zito:

Our economic problems in this country are rarely addressed in a meaningful way. When inflation first started to climb, Biden called it transitory. When it stuck around for a while, Biden said, “The plan is working.” When the prices remained high, he said it was “the world’s best economy.” 

Slate wrote breezy stories, including one titled “The real reason no one is giving Biden credit for how good the economy is right now,” and CNN had an article titled “Why Biden’s strong economy feels so bad to most Americans.”

All the while, the public kept telling them it wasn’t good. And the debt kept rising. Now we have Harris, who started running for the presidency in July and still has not one economic policy page on her website, telling voters she will bring the economy back.

The question is: What has she been doing the past four years while the financial pressures have crushed Middle Americans? The other question is: Will anyone in my profession ask her? 

RELATED: The Great Revolt: Inside the Populist Coalition Reshaping American Politics by Salena Zito and Brad Todd (Amazon)