“We can bear neither our diseases nor their remedies.”
So shrugged the ancient historian Livy (59 B.C.- A.D. 17) of the long decline of Roman national character that, in his age, finally ended the Roman Republic.
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U.S. consumer spending growth slowed in September, and income dropped due to high COVID-19 cases, supply shortages, rising inflation, and ending unemployment benefits.
Consumer spending increased 0.6% in September, down from a 1% jump in August, the Commerce Department announced Friday. Personal income fell 1% in September, driven by a 72% drop in unemployment insurance benefits that offset a 0.7% spike in wages and benefits, according to The Wall Street Journal.
Economists polled by Reuters projected a 0.5% in consumer spending. Delta variant cases peaked in the middle of September, and the continued supply chain backups have caused shortages and rising prices, making it harder for consumers to purchase their desired goods, the WSJ reported.
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Twitter CEO Jack Dorsey stirred up more fears around inflation with his comments over the weekend saying that hyperinflation is “happening.”
“Hyperinflation is going to change everything,” the tech leader posted on Twitter. “It’s happening.”
The post sparked a flurry of responses. Replying to comments on his post, Dorsey added, “It will happen in the US soon, and so the world.”
Hyperinflation is defined by Investopedia as “rapid, excessive, and out-of-control general price increases in an economy.”
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