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From housing to food to health care, everything is getting more expensive while wages stay mostly stagnant. It’s part of a phenomenon called inflation and it has a direct impact on each of us.As the old cliché goes, ‘a dollar doesn’t get you what it used to.’ That saying helps explain the role inflation plays in the economy.Inflation happens when general prices go up, relative to supply. It causes a noticeable and continuous decline in buying power.It’s easy to confuse inflation with general market forces. Like, when kale prices go up because of fad-driven demand or when sweater prices increase just before winter.A small amount of inflation is supposed to help the economy by encouraging spending and investment. But too much of it could send the economy into a spiral. For that reason, the Federal Reserve takes different actions meant to keep inflation rates in check.Inflation isn’t an obscure technical financial term found in college textbooks. It directly affects everyone who participates in the economy.Let’s say a person decided to save in 1970 for use 50 years in the future. Back then, then money could buy about 17 dozen eggs, 28 gallons of gas, or one pair of Wrangler Jeans.But in 2020, the saved money doesn’t go as far.According to the Bureau of Labor Statistics, in 2020 can buy about seven dozen eggs, four gallons of gas, or a half-pair of Wranglers.Inflation gets a bad rap. Everyone would like to buy nice things for cheap. But economists say that’s just not how it works. When prices fall, in general, incomes also have to fall.Think of it as a cycle: a consumer buys from a business. If prices are lower, the business makes less money. That means wages have to drop, giving workers less money to spend as consumers. 1762

GORMAN, Calif. (KGTV) - Interstate 5 over the Grapevine reopened Thursday afternoon after an hours-long closure due to snow, ice, and multiple collisions. California Highway Patrol officials said the crashes involved semi-trucks and other stuck vehicles on north I-5 just north of Gorman School Road. There were no immediate reports of injuries.CHP officers also escorted traffic over Highway 58.At 9:27 a.m., the National Weather Service reported snow in the higher elevations of the I-5 pass through the Grapevine. Drivers are urged to use extreme caution when traveling over the Grapevine or avoid the area if possible.A Winter Weather Advisory has been extended until 4 p.m. and now includes areas in the Kern County Mountains above 4,000 feet, according to NWS. 774

FULLERTON (CNS) - Disneyland's economic impact has jumped by 50% since 2013, according to a Cal State Fullerton study released Friday.The theme park had an .5 billion impact on the region and created more than 78,000 jobs as of the most recent fiscal year, according to a study of October 2017 through September of last year. Disneyland visitors spent .5 billion at local businesses outside the theme park, the study showed."Tourism is one of the major and growing segments of the economy as consumers shift more of their spending to leisure activities," said one of the study's leaders, Anil Puril, director of the university's Woods Center for Economic Analysis and Forecasting."Disneyland Resort has shown phenomenal growth," Puri added. "Disneyland Resort also plays an important role in propelling the economy forward through programs like Disney Aspire, a free education program, and other programs offering skills for economic mobility and advancement."Since 2013, Disneyland's job rate has grown at a 7.2% average annually, which is higher than the general job growth of 2.3% in the region, the study showed. Of the 78,000 jobs created by the theme park, about 73% are in Orange County.Disneyland's workers, guests and the company's businesses generated nearly 0 million in annual state and local taxes, which is 6% higher than the average annual growth since 2013. Anaheim pocketed nearly 2 million in taxes. 1435

Historic numbers of background checks to purchase or possess a firearm have been conducted in June. It's just the latest month with record-breaking numbers since the system was created in 1998. The FBI reported Wednesday that 3.9 million checks were done last month in what's a key barometer of gun sales. The numbers are driven by the crises that have roiled the U.S., including the coronavirus pandemic, an economic recession, protests over racial injustice and calls to reduce police funding. A group representing gunmakers says firearm purchases are a reasonable reaction to the political climate, while gun control advocates say they're concerned first-time buyers don't have enough training. 705

Goodyear tires are seen on President Donald Trump's limousine, nicknamed "the Beast," after his arrival at the White House, Thursday, Aug. 20, 2020, in Washington. Trump returned to the White House by motorcade from Andrews Air Force Base, Md., after a trip to Old Forge, Pa. (AP Photo/Patrick Semansky) 311

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