Fed Chair Powell warned of 'pain' to come. Seniors on fixed incomes are already feeling it | CNN Business

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After the Federal Reserve’s latest rate hike, the combination of climbing prices on everything from food to gas to utilities and ever-higher borrowing costs is making the finances of Americans on fixed incomes increasingly precarious

America’s seniors are facing a lot of hard choices. . “Overall, they have an increase in daily living expenses because of the economy right now,” said Ella Thomas, executive director at the Thea Bowman Center, a Cleveland community center that provides food assistance and other services. “It’s definitely a problem.

We were using our credit cards to buy our gas and our food.” Harriger, who is eligible for SNAP, said his benefits were recently increased — to $23 a month. “We’ve had to switch our meal plans a lot… I miss my steak and burgers, that’s for sure,” he said. On the menu now: Sparse dinners of green beans and cornbread. “I like a good pot of beans with fatback, but gosh, fatback’s high, too,” he said.

 

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ignorance is not bliss. your story totally misses the point that this pain is what Powell is fighting, not causing. Biden’s inflation is crushing seniors

Gas is down now

Joe Biden and his minions keep telling us everything is fine.

Just like poor cnt have civil lawyers to have justice for all the crimes committed against them by govt too.

Discrimination for bein poor by our own govt n disbled ppl have to live like this all because there disabled too.

Everybody can see who matters n who dnt with the money they give it to n its not the poor. Actions speaks louder then words.

its killing the poor n wen ppl downsized w/ covid n housing, it bumped poor frm having as many places to live, and then u have shelters on full capacity too, and housing waiting lists of ppl needing housing such as ky having like 30,000 needed. Biden n govt dnt care though.

This is the result of people looking to the govt to solve their problems and the govt doing it. People who saved and lived within their means have been screwed by artificially low interest rates and govt bailouts of individuals and businesses. Small govt is better

We learned NOTHING from Alan Greenspan who did the exact same thing and guess what, the exact same bad result will happen. Maybe Humans Are Incapable of Learning. For sure the FED is.

Paternalism much? The ivory towers are utterly clueless. Is it time to refuse? Not yet?

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