Only low income people that have to buy fuel, clothes and food. https://t.co/nD9FC20QuE— RAMZPAUL (@ramzpaul) December 12, 2021
It's shocking that a trained economist would say that inflation doesn't hit poor people the hardest.
Most of the not-poor have a) debt, b) money in the soaring stock market, and c) earning power; they can demand wage increases because of inflation. So, they basically win in all categories.
What about the poor? They've got a) debt, b) $0 in stocks, by definition, and c) no earning power; likely minimum wage. So, the only positive is their debt. They lose out big-time because their wages can't keep up with rent, food, utilities, car prices, and fuel.
Also, note, that their wages must go up by more than the inflation rate for them to not fall behind. For instance, if their marginal tax rate is 20% and the inflation is 40% in two years, then their income has to increase by 50% in that time! So, how many poor people have had that experience recently?