Inflation is an overall increase in the prices of goods or services in an economy. Over time, dollars don't go as far as they used to, meaning that the purchasing power of a dollar in 1982 had more purchasing power than a dollar in 2022.
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How does inflation impact your wallet? Use this calculator to explore how the US dollar has fluctuated since 1913. Answer such questions as:
A dollar’s purchasing power decreases over time, but the Federal Reserve has ways of addressing this.
The Joint Committee on Taxation estimated that about 150 corporations would be subject to a new minimum corporate tax each year.
The Inflation Reduction Act would double the number of employees and expand the auditing capacity of the IRS.
Changing the amount of money there is in the economy is one of the main ways the Federal Reserve tries to control inflation.
Food assistance benefits are adjusted for inflation on an annual basis, but the rapid rise of inflation puts pressure on recipients.
