A recent report from the Federal Reserve Bank of New York confirms what far too many of us already know. Bidenomics is breaking the economic back of Black America.
The June report found that Black and Hispanic Americans are seeing higher rates of inflation than the national average. Adjusted for spending levels, the inflation rate for Black Americans was 0.2 percentage point higher than the national average. For Hispanic Americans, it was roughly 0.6 percentage point higher than the national average.
The reasons why inflation hits Black and brown people harder than others is simple. We have less money on average than other groups, and we spend more of the money we do have on things that are affected the most by inflation. Take transportation, for example. Gas prices and the cost of used cars have soared since President Joe Biden’s economic nightmare began, and the report found that Black Americans spend more of their income on transportation than white Americans do.
by DaQuawn Bruce. USA Today, 7/19/22
