Co-host of “The Big Money Show” on Fox Business Taylor Riggs joins Fox Across America With guest host Paul Gleiser to shed light on how inflation is hurting low-income earners the most right now.
“So when you think about different income groups, a high income group has more for savings, right? So if inflation goes up, let’s say I’m in a high income group. I have, let’s say $5,000 a year extra because I earn a lot of money. So if inflation is going up, the cost of my groceries and everything is going up, I’m okay. I can dip into like my savings a little bit. But let’s say I’m now on the lower income scale and my entire paycheck is going to fund my lifestyle, for rent, for food, for groceries, to gas, to my auto insurance, when the cost of all of those go up, I don’t have that buffer because I’m already living paycheck to paycheck. I don’t have this discretionary spending money that I can use for fun. That’s why it hurts the lower income the most. And I think a lot of people don’t understand that. That’s why inflation is that ultimate tax on everyone. And it hurts those who are making the lowest amount of money because they already didn’t have a lot of money left over, and already a majority of their income already goes to the necessities. So they can’t pull back on those fun discretionary items because they may not have been buying those fun discretionary items to begin with.”
To hear what else she discussed with Paul, listen to the podcast!
