The Federal Reserve raised its key interest rate to the highest level in 22 years on Wednesday. The announcement is a sign that — despite 12 months of consecutive decline — prices remain too high. But most Americans don’t need the Fed or financial analysts to know that inflation remains elevated. According to a June survey from the Pew Research Center, inflation ranked as the top national issue among respondents, with 65% saying that it was a “very big problem.”
Inflation’s toll has also shown up on Reddit, where hundreds of users recently shared the sacrifices they’ve made because of inflation. We’ve recorded some of the most popular responses to shine a light on inflation’s effect on everyday Americans.
The Future
Whether it’s because of climate change, inflation, the general state of the world, or all of the above, Americans are deeply pessimistic about the future. “I’ve given up on having a future. I’ll be working until the day I die,” one Redditor writes. Another Redditor echoed that sentiment, sharing, “I’m there. I’m 65 and working two jobs. Retirement will never happen.”
Buying a House
Homeownership is increasingly out of reach for low- and middle-class Americans. Even renting is out of reach for some Redditors. “I’m 24 and renting would take up well over half of my monthly income,” a commenter writes, adding that they’d be “broke” before they got around to buying food.
Fast Food
If you’ve hit your local fast food chain in the past few months, you’ve probably noticed higher prices across the board. Redditors say that the increases have been so severe that they’ve stopped eating fast food entirely. “The price compared to quality is abysmal,” one Redditor complains.
Starting a Family
Americans are having fewer children in large part because it’s too expensive. “There’s a growing feeling that if you were to have kids, you really need to provide something for them,” the sociologist Karen Benjamin Guzzo told the Wall Street Journal. “You have to do all these things to give your kids advantages because the world is really tough right now. In a world where social mobility is limited and there’s a weak social safety net, I think a lot of people look around and say, ‘Well, maybe not.’” That’s how Redditors feel, too. “I don’t think I’ll ever be comfortable enough for children,” one commenter writes.
Concerts
Redditors also say that they’re giving up on pricey leisure activities like concerts. A Redditor who used to catch their favorite musicians says that they’ll skip events if they’ve already seen the bands before. “Unfortunately, with the shift to streaming, live shows are pretty much the only way for artists to make money,” another shares. “Oh, and Ticketmaster. F*** Ticketmaster.”
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Three Meals a Day
Around 10% of American households are food insecure, meaning that they’re unable to feed their families because of a lack of money or resources. One food-insecure individual on Reddit said that they live on just $3 of food a day. “Sometimes all I eat is a pack of Mr. Noodles for 49 cents,” they write.
Related: Expensive Grocery Bill? Going Meatless Could Save You Cash at the Supermarket
Name-Brand Products
Consumers are trading down at the grocery store, opting for cheaper off store-brand products. While some shoppers might miss buying name-brand goods, it often makes financial sense to go for white-label products, in part because they’re often produced by the same company. Case in point: Kirkland Signature coffee is likely Starbucks.
Related: The Brands Behind Trader Joe’s Most Popular Products
Eating Out
Although consumer spending at restaurants is slowing, some Redditors welcome the shift. “I’ve been happier (eating out) less. I’m having fun cooking, eating better, and it’s cheaper. I still go out on occasion, but FAR less than I did in the past,” one comment reads.
Related: 15 Big Mistakes You’re Making When Going Out to Eat
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Driving for Fun
Hitting the open road with your favorite tunes — bonus points if it’s late at night — is a classic way to destress. But Redditors say they’ve cut back on their joyrides in the face of inflation. If you’re looking for a cheaper (and more environmentally friendly alternative), another Redditor suggests going for a walk.
Related: Homegrown Weed and Zelda: Redditors Who Embrace ‘Simple Living’ Share How They Unwind After Work
