A financial meltdown in the heat dome

Welcome to The Money, where we break down financial news and provide the TL;DR version of how decisions by the Federal Reserve, government and companies impact you.

Air conditioners have been working overtime as much of the country has been suffering a severe heat wave and record temperatures this week.

Likely, that's breaking the bank for many Americans, and summer's just started.

Some people have bought fans and others may have bought emergency portable air conditioners, which help but are less efficient so check efficiency ratings. Here are other tips to pare down your electricity bill in times of extreme heat.

You'll still be chasing inflation in 2028

If you found it increasingly hard to make ends meet over the past five years, it’s probably only going to get worse, according to new research.

Of the 20 most common jobs in America, only one – waitstaff - is expected to see an increase in salary after adjusting for inflation by 2028, according to personal finance platform Moneywise.

“If things don't change soon, the pain and pressure of inflation, rising cost of living, and soaring housing costs will lead to a significant reduction in purchasing power for Americans in nearly every occupation and industry,” said MoneyWise research analyst Nick Rizzo.

Another EV startup fizzles

Fisker filed for bankruptcy protection late on Monday, as the U.S. electric-vehicle maker looks to salvage its operations by selling assets and restructuring its debt after burning through cash in an attempt to ramp up production of its Ocean SUVs.

The hyper-competitive EV market has seen several companies, including Proterra, Lordstown and Electric Last Mile Solutions, file for bankruptcy in the past two years as they grappled with weakening demand, fundraising hurdles and operational challenges from global supply chain issues.

📰 More stories you shouldn't miss 📰

• Supreme Court decision saves Trump-era tax change
• Biden vs Trump on the economy
• The undeliverable or unclaimed bargain rack for shoppers
• Today's the last day to score a $53 flight on Southwest Airlines

Want more? Sign up here to receive USA TODAY’s The Daily Money newsletter directly in your inbox, every weekday.