Prices for almost everything has skyrocketed over the past year. We examine what the high cost of groceries, gas and more means for families and what the future of the Southern Nevada economy looks like.
Buckle up, turbulence ahead for the Las Vegas economy
Over two years into the pandemic and its recovery, we now face an entirely new set of facts in the macroeconomy as we face a cooling economy and possibly another recession. Previously, loose monetary and expansionary fiscal policies saved the day for many people. The support for government programs to aid unemployed workers and small businesses proved essential during the recovery process. But, now, policy makers must evaluate a completely changed situation. Labor markets are overheating and employers find it difficult to hire needed workers. Moreover, the inflation dragon, which had been chained up for decades, is on the loose and creating anxiety for consumers, workers, and financial markets.
Help wanted: Inflation dragon slayer (pandemic edition)
Certainly, anyone who recently filled up a gas tank (up 49.6 percent from a year ago), bought a Thanksgiving turkey (up 24 percent), or did a little holiday shopping this past month (up 5 to 17 percent) is feeling the pinch of rapidly rising prices.