Laura Veldkamp, a finance and economic professor at Columbia University, suggested people try renegotiating salaries with their employers. “Prices will not come back down,” she said. “They never do.” Dipping into savings to cope with rising prices is not a sustainable long-term solution, she added.
Personal savings are being depleted as Americans cope with red-hot inflation. People are being forced to make 'difficult choices'
The personal savings rate has hit the the lowest level since September 2008.
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