That’s the mega-takeaway from the most recent gov’t report.
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June’s 5.4% follows May’s 5% and April’s 4%
Press Secretary Psaki says, based on the administration’s arithmetic, we shouldn’t worry. She noted that she and Biden — the ever sharp shoppers — paid 16 cents less for their July 4th BBQs.
For the rest of us, in real terms, the inflation shock means that our paychecks are in only buying about 95% of what they did a year ago … and, excluding our new contributions and stock market gains, the “real” value of our IRA is shrinking at a 5.4% annual rate.
Ouch…
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