Inflation – Part II Local Effects
by Michael J. Marino
Inflation – a concept that some have called “the 800-pound gorilla that we can do little about” and others have said is like “a bull in a China shop.” Certified Financial Planner (CFP) Michael Vondra dubbed it the economy’s “little devil,” and he said that although it’s possible the economy could turn around soon, it’s more likely to “get a lot worse” in coming months.
Vondra, who works with clients at Edward Jones, explained how the lower end of the income scale has already been hurting this year, but now he said, “It’s going to be the middle- and upper third-portion of income earners that get hit, probably over the next six months.” Those who are in the middle-class, Vondra stated, make up the largest portion of the U.S. population, so it is those folks that always impact the economy’s trajectory the most. “That’s where the recession fears come in,” Vondra said.
Despite his credentials as a financial expert, Vondra noted that he and his family are certainly not immune to the shock, nor the stress, of soaring expenses. He did state, however, that “buckling down on your budget now” could save people a lot in the long run because he predicts this period of inflation “is going to persist for a while.”
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