Well-known financial guru Dave Ramsey joined Fox News yesterday to talk about how inflation is sweeping through the American economy.
Ramsey says inflation is “not fair”, because “it picks on folks with lower incomes and middle-lower incomes than more than it picks on other people because necessities are what it’s beating up. Food, bread, water, meat, gas, and so it makes it even tougher on those.”
He added, “And we are seeing wage changes going way up, but it’s not usually people at the lower end of the wage spectrum. So this whole storyline is much tougher on someone making 30,000 bucks a year than someone making 130,000 bucks a year.”
The financial radio host suggests creating a written budget, making every dollar count, while figuring out what you can do to participate in better-paying careers.
“Quit buying things you don’t have to have,” he advises.
Ramsey says the same group that got hit hardest from the pandemic are suffering most from this inflation. “They are the servers, the maids at the hotel, the janitorial service, front line construction workers… this is the second thing to hit them.”
“Now they are getting hit with this Bidenflation at the gas pump. The gas pump is 100% on Biden’s desk. It’s 100% his fault,” he commented with his southern drawl.
“We’ve got systemic problems out there, but socialism isn’t going to be the answer,” he advises.
For those getting hardest hit, he suggests getting into a trade, even at an apprentice level for now.
“We’ve got diesel mechanics and welders making $100,000 out there.”
His last piece of advice is “you can’t try to subsist at the entry-level retail job that’s not paying me enough to eat. You have to make changes… you fixing your situation and putting yourself on a different career trajectory is really your long-term answer.
This piece originally appeared in Objectivist.co and is used by permission.
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