of their spending on gas and groceries, for example, than do higher-income households. Those are two categories with big price spikes.
Another factor affecting whether these price increases are outpacing wage gains: what fraction of a household’s earnings typically gets spent at all. Higher-income people, by contrast, tend to spend a relatively small fraction of their earnings each year. The median household making over $150,000 spends less than half its earnings in a given year.
Translation: Democrats are bad for lower-income families.
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