US Household Debt Hits Record High as War with Iran Drives Inflation
Household debt in the United States has reached record highs, while personal savings rates have hit a near-record low. This economic strain is being exacerbated by the ongoing war with Iran, which is driving up costs and inflation.
The US bond rate has crossed 5%, its highest level since 2007, and gasoline prices are skyrocketing, with major California cities seeing $10 per gallon and a national average diesel price of over $6.25 per gallon.
A member of the public interviewed by PressTV noted that these rising costs are having a tangible impact on daily life: 'Personally, I've cut back... we eat a lot more beans and rice now than we do meats and cheeses.' Another individual mentioned that friends were avoiding driving into Washington D.C. due to fuel shortages.
The Federal Reserve has been forced to hike its benchmark interest rate for the first time in three years as inflation worsens, making borrowing money even more expensive.