Rep. Akland: What rising inflation and shrinking GDP mean for you

Following what should be a post-lockdown recovery, the economy continues to trend in the wrong direction. The GDP in these reports gives us an effective way to judge the overall performance of the economy by using the total value of goods and services produced in the U.S per quarter.

For everyone here in Minnesota, this means less demand for products our businesses produce daily. While these reports only give us the hard numbers, combined with June’s inflation report of 9.1%, it’s easy to see why Minnesotans are adjusting their budgets and looking for ways to weather a recession. With significant price increases in almost every category, the toll of buying everyday necessities like fuel and groceries is rightfully making everyone a bit more apprehensive of their usual discretionary spending.

While these numbers can all sound scary, it’s important to remember that we can use this information to better inform our decision-making here at home and at the state Legislature. Actions like keeping a budget and putting aside some extra savings are great ways to take control of your personal finances when the rest of the market feels out of control.

I hope that the Legislature here in Minnesota, and our leaders in Washington D.C. will do the same and avoid overspending as the economy makes everyday purchases for Minnesotans more difficult. Legislators need to use the knowledge and insight we gain from these reports to better address the forces the market is reacting to.

As a reminder, the post-9/11 Veteran’s Service Bonus program is still accepting applications until June 30, 2024. Please visit mn.gov/mdva/resources/familyassistance/911-service-bonus.jsp to apply.

Despite not being in session, I am still at work for you. If I can be of assistance, please contact my office. I appreciate your continued trust in me as your representative.