Wage stagnation for lower paying jobs is in my opinion the biggest problem in this country.
While higher housing and food prices will have an impact on a household with an annual income of $200k it’s a completely different story for a household with an annual income under $100k.
The first household may no longer be able to afford to purchase as big of a home as they previously could or the may have to downsize to a smaller home but they will still have a home, meanwhile the second household has almost completely lost any opportunity to buy a house in many markets.
As for food prices, the first household may need to budget a little more carefully but they will still be able to get enough groceries to comfortably feed themselves. The second household may now need to rely on food banks.
Maybe governments should focus their efforts on coming up with a better plan than trickle down economics to solve that part of the problem.
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