Young Americans expressed their frustrations about inflation online and posted a viral TikTok video offering useful hacks to combat the rising cost of goods in stores.
Venting his anger on TikTok, an influencer by the name of WorldofBrian asked his audience to guess how much he spent on just five basic groceries: cereal, milk, deodorant, laundry detergent and a pack of toothbrushes.
He later revealed a receipt from a Target in a median-sized suburb, which totaled $51.05.
Brian calculated that a minimum wage worker in his state would have to work almost a full day to make that small purchase.
“If you’re making $40,000 a year, if you’re making $1,000 a month, $12,000 a year like someone on social security—this is beyond a struggle,” he said. “This goes beyond the hard times and sucks. This is a matter, for many people, of survival.”
He noted that when factoring in the cost of housing, car payments and other necessities, people start having to make “really scary decisions.”
In another viral clip, influencer Woods Owned posted “proof inflation will ruin us all” and put together several videos of Americans worried about rising costs.
TikTokkers are shaken by high grocery prices. TikTok/_worldofbrian
A woman in the video also discusses her experience at Target, where she bought two bottles of hair products, a bottle of shampoo, a box of trash bags and a Halloween decoration for $70.
He said that his son had been shocked by the cost of the small grocery bag and noted that he couldn’t remember a time when Americans could get a two-bedroom apartment in a good urban area for $600 a month (a one-bedroom is now $2,000 a month).
The woman also revealed that she spent $65 to fill her gas tank and her grocery bill went from $350 to $600 in the last four years despite buying the same items.
A woman revealed how she saved money at the grocery store by shopping the international aisle. TikTok/adrienne1131
“This is out of control,” he said. “What do the bourgeoisie think that the end will be. They cannot possibly believe that extracting every last penny from the working class by raising all prices and paying us poverty wages is a sustainable economic model.”
A November Federal Reserve Bank of New York report found that young Americans are experiencing inflation at a higher rate than other demographics.
In October, households headed by someone under the age of 25 experienced inflation at a rate .35 points higher than average. Household costs, in particular, have decimated young Americans, with those under 40 more likely to rent than own a home.
Young people share their struggles as food prices rise. TikTok/_worldofbrian
Young Americans are now releasing viral videos showing their peers how to save on daily necessities and reduce the effects of inflation.
In a video posted to social media, TikTok business influencer Gary Bird went to Walmart to see how much money he could save by buying generic versus name brand groceries.
Bird initially bought several well-known brand products, including waffles, frozen pizza, soda, chocolate milk, orange juice, fruit snacks and brownies. At check out, the receipt totaled $130.
But when those same items were replaced with generic alternatives, Bird only had to pay $87, a savings of $43.
TikTok user Adrienne1131 provides her own grocery hack that can be achieved at any store with an international food aisle.
Buying generic brands can help Americans save at the grocery store. tiktok/thegarybird
In a video posted to her account, Adrienne revealed how garlic salt and minced onion found in the general spice aisle are $3.49 for 3 oz and $6.89 for 6.3 oz, respectively.
But upon entering the international aisle, he found that 11 oz of garlic salt sold for $3.19 and 5 oz of minced onion cost $2.99.
Personal finance podcast host Andrew Giancola offers another idea to combat inflation and tells his audience to increase the amount they invest each year, at least by the current or previous year’s inflation.
For example, if a person invests $100 a month into a brokerage account and inflation that year is 2%, that person will invest $102 to maintain their purchasing power the following year. If inflation rises to 9% the following year, the person would have to multiply 102 by .09 and invest an additional $9.18.
Inflation remains a top issue for a large number of Americans, according to several polls.
When asked for Reagan’s annual National Defense survey which problems facing the country were most important, inflation and gas and grocery prices reached 16%, tied with jobs and the economy, among respondents.
A November Fox News poll produced a similar response, with most voters expressing concern about inflation and higher prices. Three-quarters of respondents said the economy was in bad shape, while two-thirds said they saw nothing to indicate the economy was moving in a positive direction.
Overall, 89% are worried about inflation. While that’s where the level of concern hovered for last year, it’s down from a high of 93% in July 2022.
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Source: thtrangdai.edu.vn/en/
