By Rebbecah Murzenski
CCC Journalism Program
BLACKWOOD – Inflation has caused some working Camden County College students to be concerned how the increased cost of living could affect their personal and academic success.
Inflation is defined as a continuing rise in the general price level usually attributed to an increase in the volume of money and credit relative to available goods and services. In other words, the continuous increase in prices encourages consumers to buy goods now before prices rise again. Consumers are quick to purchase goods because it is uncertain whether prices will rise or fall on any given day.
When inflation rates are too high, salary wage growth may not be increasing at the same rate. The Federal Reserve’s inflation target is set at about 2%. The U.S. has a current inflation rate of 2.8%. Inflation targets are set to ensure a healthy and balanced economy.
Anthony Fortini, a finance professor at Camden County College, explained that the Federal Reserve will be inclined to act if there is a continued increase in inflation over the next several months.
Fortini stated, “Tariffs will cause continued acceleration of inflation.” A tariff is a schedule of rates or charges of a business or a public utility. This means the tax set on imported goods affects both the business and the consumer because the price of the product increases as the tax increases.
Fortini suggests that inflation rates being so high “can cause students to say I don’t need to go to school, I need to work more,” since tuition for schools is also on the rise. Rising costs of tuition and necessities makes it harder for current students and future students to decide if school is a necessary expense or not. An increasingly expensive economy raises concerns about access to higher education for the average citizen.
Freshman student Jessica Vitale stated, “I don’t have time to do anything,” when referring to the number of hours needed to work to keep up with expenses and schooling. Vitale works at an elementary school’s community education and recreation program.
Vitale explained more of her free time is having to be spent doing schoolwork because of the increased number of hours having to work. “I now have to work five days a week when I used to only work one day a week.” This has been a big shift for Vitale, since she is used to having plenty of time to complete her schoolwork.
Part-time student and full-time landscaper Mark Schuhl has decided to take online classes to be able to balance work and school. “My time is dedicated to work because that is what is most important right now,” Schuhl explained when referring to the amount of time spent on work rather than school.
Nursing major in her first year Julianne Abbott works two jobs to afford tuition as well as necessities. Abbott explained, “Things like gas and paying for groceries can be a struggle when you are trying to also save money.”
About how inflation has affected her school life, Abbott stated, “Since most days I work until later, it is also harder to do work later in the night, especially since I have school early in the morning.”