Curious what major living expenses have not gone up since 2012?
Food is up.
Housing is waaaay up.
Autos way up.
Pick almost any category. When factoring for the average American things way more expensive since then. Heck, $100,000 salary outside a few metro areas could get you a decent home, a few cars, vacations, money for college, and money for restaurants no problem. Not any more.
That is the danger of inflation.
And now we are in a situation where the Fed cannot drop its rate back under 2% because foreign capital will flee elsewhere.
The premise of more Americans suffering, and not because of the goofy "covid reflation' narrative still holds, and hasn't gotten better. A third of Americans are now using credit cards weekly on living expenses and carrying debt.
So, things are going to get worse in 2023 for the majority of folks.