I am citing something that affects us here as mostly baby boomers. We are getting hit like our parents before us by inflation. For the younger folks these are profits, raises, promotions and new higher paying jobs.
Remember the late 70s?
From 1978 to 1981 – overlapping the start of the 1980 recession – more than half of Americans consistently mentioned inflation or the high cost of living as the nation’s top problem. This included several readings above 60% and a remarkable 83% reading in October 1978.
Today
America stands at 44% (people who see inflation as the most pressing problem)
By the end of 1978, people had lived through higher than 5% inflation FOR SIX YEARS already (73/74/75/76/77/78)! Today we haven’t even hit TWO YEARS of higher than 5% inflation yet (2021, and surely 2022 in a couple of months). If we get six years of 5+% inflation, I suspect the polling could easily result in similar numbers (60+% naming inflation as a main concern). Especially if wages don’t quite keep up.