As long as you don’t eat food, use energy, or clean your home (assuming you are not homeless), the pandemic has been good to you.
For low-income Americans, it has been a double-whammy of job losses (the total number of Americans receiving jobless benefits from the government has basically stagnated for the last four months)…
…and significant increases in the costs of living.
As Bloomberg reports, while the headline consumer inflation rate in the U.S. remains subdued, at 1.7% – but it masks large differences in what people actually buy.
If you like to eat, food-price inflation is running at more than double the headline rate, and staples like household cleaning products have also climbed.
All of which might explain why confidence among the lowest income Americans is lagging significantly (because groceries or gas take up a bigger share of their monthly shopping basket than is the case for wealthier households, and they’re items that can’t easily be deferred or substituted)…
MORE RATSCHILS’S FAKE PANDEMIC, REAL USURY INFLATION: