Wednesday, August 15, 2012

The Difference Between How Rich and Poor Spend Money

From Lam Vo of NPR comes a recap based on US Bureau of Labor statistics which shows the percent of income spent in different categories for different income cohorts. 

The results surprised me:

On a percentage basis, income groups spend very similarly.  The biggest differences reside with Food at Home, Utilities, Transportation and Gasoline, Education and Saving for Retirement.  Some of these are intuitive, others not.  But, clearly, the cost of energy hurts the poor the hardest. 

Hence, if one really cared about the plight of the poor, one would be seeking ways to add supply to the energy markets, thus lowering costs.  But, as we know very well, those in charge in Washington have another agenda all together.

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