Sacred Heart economics professor: Americans to feel pinch as inflation rises
Dr. Khawaja Mamun, an economics professor at Sacred Heart University, says American's pockets are going to keep taking a hit as inflation rises.
"If you want to look at this high inflation, you want to go back to 1982," Dr. Mamun says.
With inflation at a 40-year high, the price of nearly everything has gone up.
"Whether you're grocery shopping, filling up gas, trying to buy a used car or rent a new place, you've likely been feeling the effects for months," Mamun says. "Everyone is getting affected. That's why inflation hits you harder than unemployment."
Mamun says strong demand for products and a lack of supply is putting a heaping amount of pressure on the federal government to address the threatened economy.
"The Federal Reserve is taking action, and hopefully the federal government will take some actions to alleviate supply chain issues. Altogether, we may have a few more months of bad times, but hopefully it will improve," Mamun says.