WGN Radio’s Ilyce Glink and Tom Fortino from Alpha Wealth Group give you the latest financial business news and financial planning advice and more!
Helaine Olen, who is an economic columnist for the Washington Post, wrote a really interesting story this week about how American Airlines massive cancellations last week really highlights the frustrations roiling Americans. She points out that it isn’t just that inflation is rising the fastest since 2008 (at 5.4%) but there is something called Skimpflation (so-named by planet money). You pay the same or more but receive less. Things like, a hotel that doesn’t offer daily housekeeping, restaurants that sub a QR code, banks that don’t employ enough phone operators, airlines and restaurants that can’t hire enough people.
So, the stock market is at record highs but Americans are feeling pinched. It made me think about how in retirement, one of people’s greatest fears is that they’ll have a skintflation retirement – pay more, get a lot less, which doesn’t seem fair after a lifetime of working.
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