Economy

GOP report shows inflation hurts low-income Americans the most, blames Democrats

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A person shops in the meat section of a grocery store on November 11, 2021 in Los Angeles, California.

Mario Tama | Getty Images

Republicans on the Joint Economic Committee on Monday warned that inflation is having an outsized effect on Americans in the lowest income brackets given acceleration in the price of housing, gasoline and food.

The GOP cited two studies from the Federal Reserve that find that inflation reduces poorer Americans’ lifetime consumption more than it does wealthier Americans, and that gas prices are the main reason inflation has historically had greater impact on low-income Americans.

The report from the committee’s Republicans represents the latest attempt by the party…



Source cnbc.com

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