Class of 2025edison, NJ
- "Research Q: What are the social implications of rising prices and reduced purchasing power for different segments of the population?" with mentor Ethan (Working project)
Research Q: What are the social implications of rising prices and reduced purchasing power for different segments of the population?
Started May 15, 2023
Abstract or project description
Abstract: Over the past few years, inflation has accelerated at a rapid pace which has reduced the purchasing power for many Americans. When the general price level rises significantly and consistently over a relatively short period of time, the value of each unit of currency decreases. As a result, people can buy fewer goods and services with the same amount of money they previously had. College, cars, homes, and consumer goods prices have inflated rapidly. These recent events cause one to question the cause of these increases and when inflation started to have major impacts on the day to day lives of individuals. The effects of inflation on various sectors of the population, including low-income people, middle-class households, and vulnerable groups, will be examined in this study. My paper will look at how lower purchasing power affects social inequality, access to basic commodities, education, healthcare, and quality of life.