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Surging inflation hurts low-income Americans the most, new study shows
Inflation will ‘peak soon,’ have negative impact on stocks: Wells Fargo head global markets strategist
Wells Fargo head global markets strategist Paul Christopher argues inflation will cause people to ‘dip into their savings’ and ‘buy fewer goods.’
American consumers are grappling with the highest inflation rate in more than three decades, and the surge in the price of everyday goods is disproportionately hurting low-income workers, according to a new analysis published Monday by the Joint Economic Committee Republicans.
The research concluded that higher inflation – which erodes individual purchasing power – is especially harmful to low- and middle-income Americans. The GOP lawmakers cited research from both the Federal Reserve Banks of Cleveland and New York, which found that inflation reduces poor individuals’ lifetime consumption opportunities more than their wealthier counterparts – largely due to rising gasoline prices.
WHERE IS SURGING INFLATION HITTING AMERICANS THE HARDEST?
"Inflation reduces poor Americans’ quality of life, and rising gas prices specifically increase the cost of living for poor Americans living in rural areas much more than for richer Americans," the JEC analysis said.
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