It’s official: Walgreens and Target have now placed limits on baby formula due to nationwide supply shortages – adding to the long list of supply chain problems and their potentially detrimental impacts on consumers. To help you better understand how these product shortages may impact your family and your finances, News On with Miranda Khan turned to Terry Sawchuk, founder and chairman of Sawchuk Wealth, for insight.
“Most of the issues we are dealing with right now are not demand issues; these are supply issues,” says Sawchuk. He also adds that policies around the COVID-19 pandemic and energy are also to blame.
Unfortunately, the problems stemming from these supply chain issues are also likely to continue to have negative effects on the wallets of most Americans as they all contribute to increasing prices. This specifically rings true regarding diesel, on which our trucking, farming and commerce industries rely, that is now selling at astronomical levels.
“Diesel is kind of an anomaly because it’s a refined product. Based on a series of circumstances, there’s a complete shortage and it’s going to get passed onto the consumer,” Sawchuk explains. “This was avoidable. We knew this was coming. The United States and Europe are kind of pushing [the Ukraine President Volodymyr Zelenskyy] to continue this along when he probably shouldn’t.”
Any information discussed in this article is for educational purposes only. It is not meant to be any kind of recommendation or financial advice. The information contained in this video is intended for informational purposes only. Any opinions are those of Terry Sawchuk and not necessarily those of JW Cole Financial, Inc. or JW Cole Advisors, Inc.
Securities offered through J.W. Cole Financial, Inc. (JWC) Member FINRA/SIPC. Advisory services offered through J.W. Cole Advisors, Inc. (JWCA). Sawchuk Wealth and JWC/JWCA are unaffiliated entities.