Crises after crisis. About 10 weeks before Christmas, the Biden administration in the United States, which has just been anxious to temporarily lift the debt crisis alarm, has sadly found that the Christmas crisis is coming again.
Wanting to buy and not being able to afford to buy, and having money to buy, is the biggest headache for many Americans at present. The US media lamented that this Christmas is destined to be "impressive".
People shop at a farmers' market in New York on Oct. 13, Xinhua News Agency
The wallet is stuck for too long
CNN lamented that the Fed's assessment of inflation appears to be far from what U.S. consumers actually perceive.
The Fed has always believed that the price spikes, the iconic economic phenomenon of the pandemic, are only temporary.
"Temporarily"? Americans feel that their wallets have been shriveled for too long.
Since the outbreak last year, the cost of living for Americans has remained high. Despite the falling ticket prices, the things you need every day are getting more expensive. Statistics show that in September, U.S. food prices rose by 0.9%, rents rose by 0.5%, energy prices rose by 1.3%, natural gas prices rose by 1.2%, and the prices of new cars, motor vehicle insurance, furniture, and household goods also rose.
A cold Christmas is still waiting for Americans. The U.S. Energy Agency report shows that Americans are likely to spend more money on heating this year. Compared to last winter, households will spend 54 percent more on burning propane for heating, 43 percent more on heating oil, 30 percent more on natural gas and 6 percent more on electricity heating.
CNN said: "Inflation has been above the Fed's 2% target, and this phenomenon seems to have been going on for a long time." ”
The latest statistics from the U.S. Department of Labor this week showed that U.S. inflation reached a staggering 5.4 percent in September, a 13-year high, due to rising food and housing costs.
Pictured: On October 13, an electronic screen at about a gas station displayed oil prices at Xinhua News Agency
Can't buy, buy, buy
Although wages are also rising for some Americans, they simply cannot keep up with inflation.
Rent alone has forced Americans to change their financial habits. Pemar, a 24-year-old postman, rented a two-bedroom apartment in the suburbs of Toledo, Ohio, along with a college classmate. For two years, apartment rents have remained at $540 a month, but this year the landlord raised the rent by $100 all at once, and he had to save and invest less.
And even if you have money in your pocket and don't worry about eating and living, Americans can't buy and buy as much as they want.
Two months before Christmas, it's time to buy Christmas presents, but parents are finding that Santa Claus may not be able to buy the gifts their children want this year.
"Nike has warned of a shortage of inventory and a difficulty for market openers to maintain an adequate supply of toilet paper, and homeware retailer BBB says it faces unprecedented supply chain challenges..."The Financial Times wrote.
In stark contrast to the empty shelves are the overcrowded ports of Los Angeles and Long Beach, the largest ports in the United States. Ships laden with colorful containers lined up in the harbor, and in severe cases there were 80 cargo ships waiting to enter the port alone.
Many of the goods ready to be sent to the United States are still waiting for containers in place, and for Monir, the CEO of french furniture brand Temahom, the transportation difficulties are a nightmare. "We wanted to ship 16 containers to the U.S. in June and July, but we couldn't do it until August, and the delivery time to the U.S. was at least twice as long as before."
Photo: Pedestrians walk past the shelves of a supermarket in New York on October 13 at Xinhua News Agency
It is impossible not to panic
The looming Christmas crisis has put pressure on the Biden administration.
Biden this week summoned business and port leaders to address the nasty supply chain problem. After some communication, Biden announced that the ports of Los Angeles and Long Beach, where cargo backlogs are severe, will implement a "7×24" work system, and claimed that the government has received commitments from walmart, Target, Home Depot, UPS, FedEx and other private giants to extend working hours.
"But the question is, to what extent can these measures improve the flow of goods through complex national networks?" The network has been strained to the point of collapse, along with the lack of warehouse space and truck drivers. The Financial Times is not optimistic about the promises of the private giants, because according to logistics experts, even if the "7×24" working system is firmly implemented, it will not transport more than 3,500 containers a week, which is only a small part of the current backlog of containers.
U.S. Treasury Secretary Yellen is still insisting that "inflation is temporary" and that "consumers have no reason to panic that they won't be able to buy what they want during Christmas."
But how could Americans not panic? "If you find the toy your child wants the most, buy it today!" Zane, editor of Toy Insider magazine, said, "Because it may be out of stock tomorrow, no one knows if it will be available before the holiday." ”
Source/Xinmin Evening News
Editor/Fan Hongwei