As inflation spikes and costs soar, economy story of 'resilience' under pressure – 13wham.com

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by Christian Garzone
Brighton, N.Y. (WHAM) — Even with record investment and highs set on Wall Street, two thirds of consumers in a new CNN poll saying their wages are not keeping up with expenses.
"The economy right now is really a story of resilience, with some pressures mounting underneath," said Ethan Wade with Brighton Securities.
Wade said we’re not at a panic point — at least not yet. Americans are continuing to spend money, fueling the economy.
“However, we are all seeing an increase in prices in our mortgage or our rents, in the grocery store, at the gas pump.” said Wade.
Inflation, while slowing from record highs in 2021, does not mean prices are going down. They are steadily going up. Inflation Tuesday hit 3.8%, up from 3.3% in March. All of this comes as the war with Iran rages on and the Straight of Hormuz sits at a standstill.
MORE: Hegseth faces back-to-back hearings as lawmakers press Iran war costs, strategy
"It's a significant impact just because oil is priced as a global commodity," said Wade.
Key fertilizer for farmers and 20% of the world’s oil supply isn’t going to markets, affecting everyone at the gas pumps and checkouts. Add to that, more and more people relying on credit cards to get by — with interest rates coming up.
“That debt that wasn't much of an expense for you previously, now is becoming a very real expense for you to have to contend with," Wade said.
Altogether, it means people will likely worry about groceries, gas, cars, mortgage, rent — impacting other facets of the economy.
“Maybe we don't dine out as much, maybe we don't go to the Red Wings game on the weekend," he said.
Yet, Wade says we continue to have a strong labor market, and if the war with Iran stops, energy prices should come back down. He says the U.S. dollar is the currency the rest of the world wants to do business with.
“But the reality is, the United States is the worst economy in the world. except for all the others," he said. "Foreign investment still continues to flow here into the United States."
2026 Sinclair, Inc.

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