Americans utilizing pawn shops amid rampant inflation
'Pawn Stars' host Rick Harrison joined 'Fox & Friends' to discuss the impact of rising prices on running his pawn shop.
Pawn shops across the country are seeing a spike in buyers and sellers as Americans battle inflation and rising consumer costs.
"Pawn Stars" host Rick Harrison joined "Fox & Friends" Monday to discuss how rising prices have affected his ability to stay in business.
"It's a real double-edged sword," Harrison told co-host Steve Doocy. "Basically you have like small business owners and a lot of them got so much PPP money and now the ERC money is coming in to all of them. They're getting tons of money, which is driving up the price of collectibles and everything else like that, but Middle America, it's just… crushing them."
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Harrison called rampant inflation "devastating" for lower-income families who are trying to stay afloat amid the current economic woes.
People shop in a supermarket as rising inflation affects consumer prices in Los Angeles, California, U.S., June 13, 2022. REUTERS/Lucy Nicholson (REUTERS/Lucy Nicholson)
"This is devastating because they talk about… we got 8.6% inflation or something like that… across the board, but you talk to people who have lower, middle income, and they have to drive a lot, this affects them a lot more," Harrison said.
"It's not 8% inflation," he continued. "It's like 25% inflation."
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Inflation currently sits at a 40-year high as Americans grapple with sky-high prices at the grocery store and gas pump.
"It's harder and harder to stay in business, and we have a government that has no idea what it's doing," Harrison said.
The Biden administration has also come under fire for the supply chain crisis, which critics claim has exacerbated surging consumer prices.