Americans Gaining Optimism as Inflation Slows, But Memories of CheaperPrices Persist
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Americans are feeling more optimistic about the economy as inflation slows down from 9% in June 2022 to 3.4% currently. Consumer sentiment and expectations for personal finances have improved.
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However, many Americans still remember lower prices for goods like food and gas just 2-3 years ago. Pay is rising faster than inflation, but some still struggle with costs.
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There is debate around whether falling inflation numbers will help President Biden's re-election campaign, or if people will focus on still-high prices. Views split on partisan lines.
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Experts say the government should not force prices back down to 2020/21 levels, as that would require policies that could damage the economy and jobs.
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While costs are still frustratingly high for some, over time more Americans may feel they can afford necesssities as pay rises faster than inflation.