Inflation Disproportionately Hurts the Poor
“Inflation, always a key economic metric, is especially important to watch now as it threatens to undermine, if not completely erode, the Biden administration’s gargantuan spending thus far on behalf of poor and working-class Americans—its “economic justice” agenda (“Inflation Jumps to 13-Year High,” Page One, June 11). The effects of inflation not only are greater, but disproportionately greater, for poorer people. Those with higher incomes often offset price increases (goods, services) with increased income. Furthermore, prices often increase more for basic needs than for luxury items, a phenomenon economists call “inflation inequality.” Simply put, low-income families’ budgets will stress and strain as they confront the coming rising costs of the essentials they need (food, energy, transport, child care).”