Financial strategist Mitch Kramer says inflation is shredding people's savings. "Americans' savings have evaporated! Many are using credit cards just to make ends meet. High gas prices are accentuating the problem!"
Kramer says national leadership is an important part of this issue. "The current Democrat administration is very "tax and spend" which is NOT what this country needs right now. If we get a Republican president and more control of the House and Senate you'll see more prudent fiscal policies put in place!"
Experts are predicting you'll be feeling the impact of our current inflation for years. Kramer gives one reason. "Inflation will remain consistent as long as the unemployment rate is very low. --- However, the High Tech Area is now laying off people ahead of this forth-coming recession!" Kramer says it's causing severe stress across the board - especially for those who have spent their savings just to get by.
INFLATION NATION: Experts warn of 'credit crunch' in 2023.
He definitely feels a recession is on the way - but not as bad as 2008. He's figuring it will last about 6 months. Kramer says our good economy has been built in the past on low interest rates and he thinks we will go back to that.
Kramer gives us some small changes you can make that will help you hedge inflation and possibly start saving money again!
- A mint-type app on your phone will help you track where you're spending your money. It's so easy to subconsciously spend a little money here and there and not realize it! Awareness of where it's going is essential to changing your behavior.
- Skip coffee shop visits - make your own at home.
- Bring your lunch to work. If you do go out, order water instead of Tea or a Coke that they're charging you 3 bucks for.
- Do a lot of your shopping at a Costco or Sams. Team up with neighbors and friends to buy in bulk.
- Cook meals that can last for tonight's supper and tomorrow's lunch.
photo:Getty
Inflation causing panic.Photo: Getty Images