On the recordJune 23, 2022
I promise you, I am going to use all 5 minutes. This is the cruelty now to poor people, to the working poor, to that hardworking middle class, to those retirees. When you come to them and say, all right, let's take a look here. Forgive the colors, but the green would have been if we had hit the 2 percent sort of Federal Reserve benchmark inflation goal. This here is where we seem to be annualizing right now, and this is some of the newest projection for the next couple years. It is about 7.4. But when you see this bar come down, it basically means the $100 you had in 2022, if you get to 2032, so a decade, that $100 you have, if we stay at this sort of inflation rate, functionally, you have lost half of its purchasing value. So you have saved and saved and saved and saved and saved, and if you start running--if the current interest or current inflation environment were to hang around for a decade, at the end of that decade, half the value is gone. You have lost half of your savings. This is what is going on. What if it is just for 2 years? You start just doing it for 2 years, and you start to realize you have lost almost a quarter. Then you compound that out to you want to retire one day. You want to finance your kids' school. You want to do these things. Do you understand how the difference of your earning power has to change just to make up for the loss of the value? I represent a community that is going through 11 percent inflation rates.…
