February 17, 2014
HOW’S THAT HOPEY-CHANGEY STUFF WORKIN’ OUT FOR YA? (CONT’D): CBS News: Food Prices Soar As Incomes Stand Still.
ConvergEx market strategist, Nick Colas, said that mothers could tell the government a lot about inflation.
“Food inflation is far greater than the government thinks it is,” he said.
But the big problem for families: Wages are not budging.
“If my income isn’t going up, how am I going to keep up with inflation?” Singer asked. Median income is up only 1 percent a year. For Singer, that makes it hard to save for college tuition – which has been rising 6 percent to 8 percent every year for five decades.
“The price of college is terrifying and so we’re looking at cheaper schools or scholarships, I hope,” she said. “You know, ‘Run faster in track.’ That will really help me out a lot.”
Many are concerned that while economists paint a benign picture, middle-class families are quietly struggling.
You know who’s not concerned? President Obama, who cranks the thermostat, eats Wagyu beef, and golfs on private courses while moms like Jen Singer turn the heat down and only buy bacon when it’s on sale.