Rising prices have historically squeezed workers with lower incomes more than their higher-paid counterparts, particularly during economic downturns
Black and Hispanic households are significantly less wealthyArgente cautions that this research is all based on past economic data, and it may be a while until the impacts of Covid-19 on inflation inequality are fully known. But, he points out, it’s possible they may be worsened in part by the proliferation of online shopping, where bargains can be had on many goods.
“The wages of the bottom have been going up the most,” AFL-CIO Chief Economist William Spriggs said. “So if anything, the real wages for people at the bottom have been doing better than the real wages of people in the middle.” The unemployment rates for Black Americans and Hispanic Americans were 6.7 and 5.2 percent, respectively, in November, according to the Bureau of Labor Statistics, compared with 3.7 percent overall.
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