Inflation higher for the poor than the rich

 From Bobby Kogan

Crucial new research from CBO showing that inflation from 1979-2020 hit poor households harder & rich households less hard. Graph shows cumulative growth in real income. When you account for differential inflation it cuts ~1/3 of the real income gains for the poorest. Only ~23% growth in 41 years.

 

In other words, the increase in inequality is even worse than we thought.   Note that the chart shows data for income quintiles (fifths), i.e, the top fifth vs the bottom 5th.  Even within the top fifth, income inequality has increased, with the top 10% doing  better, and the top 1% even better still.

Is it any wonder ordinary Americans believe the system is rigged, and end up voting for extremists?