Inflation, Stagnant Wages, and a Biblical Reflection on Financial Pressure

Americans Believe Recession Is Starting, Economists Disagree 

While global investors may be cheering that inflation is slowing, it’s not slowing enough to be helpful to most people. Approximately 60 percent of Americans believe the economy is in a recession, according to Bankrate.

Ironically, economists are saying that America isn’t in a recession, but that it’s headed toward stagflation. The way this typically plays out in the economy is high inflation, slow or stagnant growth, and high unemployment, according to USA Today.

In July, the job markets softened, according to the Bureau of Labor Statistics report picked up by Forbes, and the inflation rate increased slightly. Another jobs report will come out on September 5, and that report will directly impact what happens next. Fed Chairman Jerome Powell is expected to lower interest rates, which is often the way the Fed responds to a slowing job market.

Americans Could Be Receiving Stimulus Checks This Year

There’s also been talk about stimulus checks in 2025 to help Americans who have been struggling with the increase in the cost of living. Senator Josh Hawley of Missouri introduced a bill in July called the American Worker Rebate Act. In a nutshell, Americans would receive hundreds of dollars as a result of tariff rebate checks. Presently, the numbers being floated are $600 per person in each household, according to WJW.

Remembering it’s God Who Gives Us the Power to Earn and Save

When inflation is high and cash flow is slow, it can be easy to forget who gives us the power to earn and save money. Psalm 20:7 reminds us that, “Some trust in chariots, and some in horses; But we will remember the name of the Lord our God.”

We’re also reminded in Philippians 4:19, “And my God shall supply all your need according to His riches in glory by Christ Jesus.”

In 1 Kings 17:2-5, when there was a severe drought in the land, God directed Elijah to go and hide by the brook Cherith. Elijah obeyed God, and while he was there, Elijah had plenty of water to drink, and God also had the ravens bring him food twice per day. So God supernaturally provided for him in the middle of a drought. When the brook dried up, God sent him to a widow in Zarephath and provided for both of them. Elijah obeyed God: God provided. He’ll provide for us, too, when we respond to His directives.    

God gives us our health so we can earn money. When we ask, He’ll also grant us wisdom and knowledge and even lead us to resources to know how to invest it properly so we can save for the future. That being said, it’s also important that we have the right focus where earning, saving, giving, and investing are concerned, and remember that ultimately, all that we have comes from Him. 

One great website to check out for insights into saving and investing is https://www.ramseysolutions.com/. Another great resource is https://www.crown.org/get-help-with-your-finances/. 

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Elizabeth Delaney has been a freelance content writer for over 20 years and has enjoyed having her prose published in both the non-fiction and fiction markets. She has written various types of content, including Christian articles, healthy lifestyle, blog posts, business topics, news articles, product descriptions, and some fiction. She is also a singer-songwriter-musician. When she is not busy with writing or music, she enjoys spending time with friends or family and doing fun social activities such as hiking, swing dancing, concerts, and other activities.