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The Impact of Inflation on Americans

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  • Description

    FBN’s Gerri Willis on the impact on American families of rising costs.

  • Duration 2:00
  • Date

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This transcript is automatically generated

Worry about inflation.

Well that's what the government and the Federal Reserve have been telling us for years now.

They've used that argument as an excuse to print more money in a desperate attempt to goose the economy.

Even though many economists now say printing all that money is causing inflation.

For one thing by helping raise commodity costs.

And that has pushed up the cost of food especially you know these numbers take a look at these price hikes.

Meat and eggs that night 9% that is fish and dairy seven fresh vegetables up 6% you've seen -- that the store.

But the Fed doesn't know because apparently Ben Bernanke doesn't go to the grocery store.

-- you an idea when our friends of bank direct rate due to and they've also busted the myth that inflation isn't killing -- consider this.

-- 100000 dollars that is the magic six figure salary.

And it used to be a lot of money the benchmark for financial success you to do a lot what that money -- nice house two cars -- for your kids' college.

When he left over for vacations and retirement but not anymore my friend just to keep up with inflation if he made a 100000 in 1990.

You have to make over -- 172000.

Dollars today.

And that's just to keep up with inflation.

Other things like health care and college tuition as you now have gone up at a much faster rate.

Health care costs of more than doubled in the decade and we now owe more on college loans -- we do want credit cards.

Consider this if -- in your mid thirties and your parents were making six figures when you were born.

You have to be making close to half a million just to keep up with their spending power.

And in all of the -- -- on where you -- to a typical family -- a hundred grand would have to earn more than double that to live in New York City.

466000.

San Francisco just to have the same lifestyle.

Fewer than 20% of American households even breaks six figures -- -- well half of that.

The middle class lifestyle is disappearing.

For many Americans which is a tragedy.

Even for those making six --

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