A Better East Texas: Inflation is coming

Published: Jun. 25, 2021 at 2:46 PM CDT
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TYLER, Texas (KLTV) - In the television series Game of Thrones, there is a reoccurring saying that winter is coming. It referenced the prediction of a dark and unsettling climate taking over, making life for many very challenging.

Perhaps winter literally is not coming to us, but an economic winter is a possibility if our supply chain systems don’t even out. This includes labor supply, raw materials, food supply and other essentials to the economy. It impacts everyone by showing up as inflation.

The federal reserve manages money lending rates and has some power to affect this, but they can’t completely control it. The government is hoping that inflation pressure will subside as supply chain components return to pre-COVID 19 levels. But it is obvious that rising prices are already here. We are paying more for many household items. So, while rising wages may look great on the paycheck side of a home budget, we are paying more for those essentials.

Additionally, experience in this arena is limited for some. Many people under the age of forty-five have had very limited exposure to inflation and its emotional impact. Ultimately, we are mainly passengers in this situation but being smart with the money we have and planning for a challenging tomorrow is perhaps the best course. And then, if we get some relief from inflation, we will all be in better shape. If an economic winter is indeed coming, that little bit of prep will go a long way and that will make for a Better East Texas.

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