If it feels like the price of everything you buy amid the pandemic has been going up, that's because it has.
Prices are on the up year over year in August for specific quarantine-related items. Pajamas, bicycles, books, even sewing machines. Others are down. New suits, makeup, hotel rooms have dropped. Overall inflation numbers remains low as both sides have (for the most part) balanced each other out. Still, Financial Strategist Ryan Morfin (the CEO of Wentworth Management Services, LLC) says there's a dangerous dynamic in the market.
“The money that is in the banking system is not coming out into the economy, and so that is going to create a productivity lull or some type of main street recession,” Morfin said.
Morfin agrees a second stimulus package is needed to help businesses like the airlines stay afloat. He says inflation is coming in the future, but it can be mitigated.