What happens when prices skyrocket? If gas, food, and the cost of basics rise quickly, what happens?

Question

I can't comprehend what would really happen if things got REALLY expensive. How would our lives really change?

Answer 1

well then people would buy a lot less expensive stuff like jewelry, which would hurt our economy even more. On a personal level, families might plan budgets or limit spending.

Answer 2

Very very bad. You should be scared. What people don't know is that every 75 years the U.s goes into a depression. Last time was 1930 so were basically in it right now.In 1970 nixon changed our gold standard to currency so that we can buil up debt wen we need to. Because of the war we are in debt because of debt are value of the dollar fell faster than imagined. Never in the history of the world has a currency ever survived in a economy the differece is that when we changed into a currency we convinced the whole world so if we fall as a nation the rest of the world will.If the U.s dollar keeps falling as it is now and gold reaches 1200 an ounce we will be in a currency crisis which mean today a soda could be 1.50 2mmor it could be hundread, thoudsands millions and even billions of dollars (happened to germany in the 1930's) we are very close to the point of no return.

That y u see all those commercials about trade ur gold jewlry for cash. They will make millions

congress and wall street doenst see that because if the value of oil goes up then they invest in that and make millions. Thats why they dont see a recession. Thats why there are more bllionaires than ever. The middle class in the U.S will eventually be wiped out.

Answer 3

No, our lives wouldn't change that much. People would just have less fun and save money to buy food and gas. Think about it. A lot of people still go clubbing, still go to restauarants, etc. They complain about a dollar increase per gallon in gas, yet they somehow have 20 bucks to dish once or twice a week at a bar or club? Makes no sense to me. Americans are self-gratifying people.

Answer 4

The way things look.... there is going to be an American revolution if our economy cant be fixed..... Its not like prices in one certain area has jumped up......... prices for EVERYTHING has jump up dramatically.......... the prices aren't even reasonable............could you imagine paying $5 gas as a norm??......its scary to think of but the rich are getting richer and the poor keep getting poorer......soon there will be no middle class, and that is when a second American revolution will happen.

Answer 5

Inflation makes things hard on everyone but it is a cycle. Markets usually adjust as long as governments don't overtax the people and buisnesses and help foster growth in stead of slowing the economy down with burdens. That causes companies to downsize and trim the fat.

Answer 6

Which people? The poorest among us are already choosing rent and fuel over food and heat.

Only callous people could answer as your first respondent did.

I know people who are starving, unable to send their kids to college, living on the edge. These people are everywhere, they are real... many of them work hard, and see nothing for their labors.

Listen, if you have a job that pays 2000 a month, and half of that goes to your rent/mortgage, and half of what's left goes to your bills and utilities, and then half of that goes to the normal emergencies and necessary purchases of day to day life, that leaves about two hundred or less to feed your family...

Life is going to get desperately hard for the majority or people,

and I promise that you will see food riots before this summer is out.

Brace yourself. The good times are very much over.

Answer 7

Most restaraunts would chop down in scale or die. People would buy fewer purses or cute shoes, and more potatos than potato chips. Unemployment would go up strongly. Inflation is defined as a rise in prices, and enough of it might drive foreign investment out of dollars. At the extremes, the US Treasury could go broke, and the bond market collapse.

Answer 8

we pray for a Ronald Reagan style savior as we had in 1980 when Jimmy - I lusted in my heart - Carter had screwed up the economy.