Inflation and Crime Rise in Inner Cities
Inflation and Crime Rise in Inner Cities
Crime is a major problem right now, and the economic difficulties in our nation are only making things worse. There is hope in Jesus!
From Fox News. Crime waves swept major cities across the country two years ago amid the summer of 2020’s protests and riots and the coronavirus lockdowns that upended society. Crime has continued raging in many cities while residents cope with a heavy cost that has been compounded by record-high inflation.
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“As a purely factual matter, prices do tend to be higher — and the quality of service and products lower — in stores in low-income neighborhoods,” economist Thomas Sowell wrote in an opinion piece in 2006.
He said that many “ghetto stores” charge higher prices for a bevy of reasons, including “crime, shoplifting, vandalism and riots have raised the costs, both directly and by causing insurance rates and the costs of security to be higher.”
Sowell’s words have proven true in recent years. Commercial insurance rose in 2021 following the George Floyd protests and riots of the summer prior, which marked “the first civil disorder catastrophe event to exceed $1 billion in losses to the insurance industry,” according to the World Economic Forum. Battered stores in cities have taken extra security measures and even cut operating hours to help curb rampant shoplifting.
Crime has ravaged major cities over the last two years, with murders nationally spiking by 30% in 2020 when compared to 2019. Those spikes were even more steep in cities like New York City, which recorded a 44% increase in homicides compared to the year prior, Seattle, which saw their homicide rate increased by 61% in 2020 and by 40% in Philadelphia when compared to 2019.
Property crimes and thefts have also seen increases, including at businesses within cities. Most notably in California, cities such as Los Angeles and the Bay Area were ravaged by smash and grab crimes last year that have carried over into 2022.
Rampant shoplifting caused stores such as Walgreens and other chains to close in cities throughout the Golden State. Convenience stores in Philadelphia have been “closing left and right” this year while a couple of pharmacies in New York City closed up shop after reports they were repeated targets of shoplifting.
For many people living in those cities, a store closure means a disruption of how people get things as simple as bread or milk, and can add additional transportation costs….
While crime has loomed large over cities and its communities, inflation has also dealt a heavy blow.
Inflation is at a 40-year-high, and estimates show it cost the average American household about $635 in June alone. Studies have found inflation often hurts low-income families, minority communities and Americans in rural parts of the nation the most. Low-income households are often “exposed” to items hit the hardest by inflation, such as energy and food, while lower levels of savings and incomes are unable to easily absorb the higher costs compared to wealthier households, a Bank of America study published in November found….
How are you praying for our cities as they struggle with crime and inflation? Share your thoughts below.
(Excerpt from Fox News. Photo Credit: Ehimetalor Akhere Unuabona on Unsplash)
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