Inflation Is Making Poverty in the U.S. Even More Difficult – By Jalen Small (Newsweek) / July 27, 2022
Americans trying to get by on low-incomes have been hit hard, as the price of basic necessities like food, energy and housing skyrocket.
Experts are concerned that inflation is forcing the poorest Americans to make impossible financial trade-offs.
“The problem we are talking about here is that people who are on fixed incomes or who are living paycheck to paycheck, they are spending most or all of what they are earning on food, gasoline, rent, heating — basic necessities,” U.S. Federal Reserve Chair Jerome Powell said in response to a question about the impact of rising prices on the poorest Americans.
“Inflation, right away, forces people like that to make very difficult decisions,” he added.
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