How Inflation Has Impacted US Citizens Today
DOI:
https://doi.org/10.47611/jsr.v12i1.1866Keywords:
Consumption, Labor Market, Inflation, Fiscal PolicyAbstract
The COVID-19 pandemic shut the world down and threw the global economy into a recession. Through stimulus checks and the gradual re-opening of the world, the economy recovered from the recession but flew into a period of increased inflation. Using data on inflation, unemployment, and certain factors such as household income and labor statistics, it is revealed that inflation weakens the labor force while having no clear impact on wealth classes. In addition, it is observed that the presence of COVID has not impacted the labor force or certain wealth classes by any sizable margin, and that the Phillips Curve, a graph depicting the relationship between inflation and unemployment, has been flattening throughout the last several decades.
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