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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

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.


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Great Depression Great Depression worldwide economic depression starting in the United States, lasting from 1929 to the end of the 1930s

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