How can we help working families the most? Raising the minimum wage to $15 an hour is a popular solution, but it’s a short-sighted one given the reality that inflation — the silent assassin of Americans’ livelihoods, particularly for the poor — is now running the hottest it has in decades.
The Consumer Price Index has increased 5.4% since last year, as announced on July 13 by the U.S. Bureau of Labor Statistics. The monthly rate was 0.6% in May but 0.9% in June. If this rate persists, our nation will experience double-digit inflation. A 0.9% monthly rate translates to an 11.4% annual rate, a level not seen since the 1970s….