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Apr 10, 2008 -- International inflation to hurt American wallets
The World Bank estimates that the cost of food is up 83% over 3 years! Not all of this increase has translated into U.S. supermarkets yet. At the same time, half of all the things we import now come from the Third World where inflation is rising. Foreign inflation will come back to bite us in the form of higher prices on imported goods. So we as consumers have to make a decision between things we'd like to have and things we need to have. In the former category, you have things like electronics and clothing. It might be a good time to take a step back from buying. Fashion-forward retailer Target has just reported rotten sales for March, so that's a sign that some shoppers have already begun dialing back. Meanwhile, food falls into the latter category of things we need to have. So for food items, try brand substitution or buying the store brands at the market.
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I've been telling my wife since last summer that we are in a recession. I work in the building industry and see many homes up for sale and some adds saying, "we have reduced our prices due to the present economic situation." I used to work 5-6 days a week and am now lucky to get a call a week. Food prices aren't showing up in the U.S. Supermarkets. You are not looking at the cost of things. I look at the cost of food and go for the store brands and discounted food items. Got some cows across the road from me but I'm not that kinda guy. We've been in a recession for a long time and I get off my butt by going out in the woods out back and cut firewood. Used to be able to get $65.00 per hour but the lack of work for carpenters and other building related people has forced me down to $40.00. We are in a recession if not a depression. Can't fool me...been talking with my wife and reading the news since work stopped coming in. 'Yes we are...No we are not!'
