Low Income Americans Suffering Worst Impacts of Inflation

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Inflation is a very unfortunate reality that’s manifested since the Biden administration’s rise to power. The combination of heavy spending and the passage of the American Rescue Plan months ago contributed to the present plight of inflation.

Now, President Biden has suggested passing new spending bills is the key to stopping inflation. His administration has furthermore taken the liberty of declaring inflation as fleeting and “transitory.” Each of these statements is false.

America cannot spend its way out of inflation; the federal government must reduce spending in order to reduce inflation. Furthermore, inflation is far from transitory; in fact, it is outpacing wages and has reached levels not witnessed in decades.

Currently, a new report indicates low-income Americans are suffering the worst impacts of inflation.

The reality of inflation for low-income folks

Individuals with fewer economic resources tend to spend larger percentages of their money on housing, food, and transportation. Yet, in a tragic twist, these areas are especially bearing the brunt of inflation. Rent prices are going up and the housing market remains in an especially volatile state.