The first two months of the presidency of Joe Biden have not been a particularly auspicious period in which to be black, poor, or working class in America.
Inflation weighs particularly hard on those at the lower end of the income scale. A much larger share of income goes into current consumption, so higher prices squeeze budgets more. Meager savings are much more likely to be in low-interest paying bank accounts than in equities or inflation hedged investments, so they are vulnerable to to the deterioration of the buying power of the U.S. dollar.
Biden, who won office on a promise to combat inequality and only hike taxes on very wealthy Americans, has presided over a stealth inflation-tax hike over lower-income households.
Welcome to Biden’s America, where the poor pay more.
