Responsible Wealth

This is today’s economic reality: those at the bottom are working harder and going without, while those at the top who profited during the pandemic are continuing life as usual.

According to a recent New York Times article, “Already, there are signs that poorer families are cutting back. If richer families don’t pull back as much — if they keep going on vacations, dining out and buying new cars and second homes — many prices could keep rising. The Fed might need to raise interest rates even more to bring inflation under control, and that could cause a sharper slowdown.”

This would be devastating for poorer families that would inevitably be the first and most impacted by a sharper slowdown or deepening crisis. It would mean lost hours and higher unemployment, especially for low wage workers. But it doesn’t have to be this way…

Responsible Wealth, a project of United for a Fair Economy, is a network of high net wealth and/or income individuals in the U.S. who believe that growing inequality is not in their best interest, nor in the best interest of society. Our Responsible Wealth members (like the one quoted in this article!) speak out on economic and social justice issues and advocate for fair taxes on wealthy individuals like themselves. Shout out to all the Responsible Wealth members using their unique voices to advocate for a fairer economy!

In an Unequal Economy, the Poor Face Inflation Now and Job Loss Later Americans with low incomes are pulling back from buying even as their richer counterparts keep spending — with potentially big consequences.

Fixed it for you, TIME.