Americans plunder savings to meet household bills – TheStreet | Vette Leader

The US inflation rate jumped to 9.1% in June – the highest inflation percentage since July 1981. (July inflation figures are due to be released on August 10.)

The inflation figure has become a focal point among economists, politicians and the media as the chattering class debates its impact on the economy and whether the US economy is in recession.

Meanwhile, the Great American Consumer simmers on the sidelines, digging even deeper into their pockets these days to cover basic household expenses. Prices have risen so much that US households are raiding their savings accounts to pay the bills and keep food on the table.

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