INFLATION

 OVERWHELMING

 The news about impending inflation has been convincing, but recently, it is overwhelming:

·         Food stamp payments have been increased by 25%, effective October

o   About 42 million people in the US get food stamps

o   A family of four will now get $628 per month

·         Over 2,700 homes in Austin, TX have sold for more than $100,000 above asking price this year, up to August 11.

o   I thought the price was $400,000?

o   Nope, it’s over $500,000.

·         The last increase in Social Security payments for 55 million older Americans was 1.3% or about $20 per month.

The list goes on, and since January of 2021 when the current administration took office, a consumer cannot but notice the price of gas, food and just about anything. Consumer prices in June and July went up 5.4% over last year.

The President says it is temporary. (see his statement on July 19, 2021). He also cancelled the pipeline from Canada on his first day in office and last week asked OPEC to increase production. Hmmmm.

How do you protect yourself and your family? First, wages are not going up that fast. If you are retired, it is tough. The best thing you can do is own property worth about $10 million, but the Biden administration has promised to tax that heavily when you die, so, “temporary.”

I dunno, it’s an issue.