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Cartoon by Ma Hongliang

Chaos continued to haunt the U.S. in 2022, with high inflation putting financial strain on many households throughout the year.

According to data from the U.S. Federal Reserve (Fed), total household debt in the country jumped by $351 billion in the third quarter of 2022, the largest quarterly increase since 2007. The Fed continued its radical moves to fight inflation, putting up interest rates seven times, with a total increase of 425 basis points since last March from the near-zero level to between 4.25 percent and 4.50 percent in less than a year.

People in the U.S. have suffered from the effects of high inflation, and the Fed’s rate hikes have taken a heavy toll on global economic recovery. U.S. runaway inflation and interest rate hikes benefit no one.