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(The Center Square) – A report from Iowa State University shows that rural Americans are feeling the pain of inflation more than the rest of the country.
“Rural households are more vulnerable to inflation,” the report said. “In 2020, rural household post‐tax incomes stood at $58,012. About 82% of rural incomes went towards expenses, leaving $10,661 in discretionary income for savings and unanticipated expenses. However, by 2022 expenses rose by 18.5% overall. Earnings were not able to keep pace with inflation, rising by only 6.1%. The net effect cut rural discretionary incomes by –49.1% between June 2020 and June 2022, reducing the cushion to only $5,426. Expenses now consume 91% of rural take‐home pay.”
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Meanwhile, those living in cities saw less of a spike in prices than other Americans.
“Urban households were less affected by inflation, having higher post‐tax incomes ($76,411) and more discretionary incomes ($16,414) in 2020,” the report said. “Over the past two years, expenses rose more slowly at 14.5%, while earnings for urban workers rose by 8.6% This cut discretionary income by only –13.1%, leaving a sizable cushion of $14,270.”
At the same time, rural wages have taken a hit.“Rural discretionary incomes dropped […]
Read the whole story at trishintel.com
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That’s the plan.
Eventually they will run out of money, go out of business, and sell their land.
To Bill Gates.