Why High Earners Are Cutting Back More Than Low-Income Households
Video Credit: Wochit News - Duration: 00:34s - Published
Why High Earners Are Cutting Back More Than Low-Income Households
While the US has made it through the Great Depression and a number of recessions, the COVID-19 pandemic has put a new twist on the experience.
According to Business Insider, the lowest-earning households have taken the biggest hit to their incomes, in terms of percentage of income lost.
However, upper-income consumers have made the deepest spending cuts in total dollar amounts.
That's because they have so much budgetary fat to trim.
