Posted: February 18th, 2022

Rural Americans More than Urban Residents

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Why Inflation Affects Rural Americans More than Urban Residents

            Food, housing, heating, cars, and other essentials are all growing in price across the US. But not everyone is feeling the pinch. Those with less education and those living in rural areas are particularly affected(Ivanova, “Inflation Is Hurting Rural Americans More than City Folk — Here’s Why”).

            Moreover, half of Americans without a college diploma believe inflation has caused them financial hardship, compared to 30% of college-educated individuals. Higher prices were felt by 71% of those earning less than $40,000 a year, with 3/10 saying the challenges were severe enough to damage their living level. Gallup showed that among individuals earning $100,000 or more, 71 percent felt inflation had not hampered their lifestyle (Ivanova, “Inflation Is Hurting Rural Americans More than City Folk — Here’s Why”).

            A recent Bank of America study shows how inflation disproportionately affects the poor and rural residents. The study showed that rural Americans’ spending power fell 5.2 percent annually, compared to 3.5 percent for urban ones (Ivanova, “Americans Continue to Struggle with Inflation despite Economic Growth”). As a result, “lower-income households — particularly those with non-managerial workers and minorities — are most affected by inflation.”

            Energy expenditures account for almost 8% of a rural family’s budget, compared to 5.6 percent for an urban family, according to Bank of America. Rural Americans spend over 10% on new and used automobiles, compared to 5.8% in cities, and slightly more on food – 12.5% vs. 11.4% (Bloomberg). Part of the reason is logistical. According to Bank of America senior economist Aditya Bhave, one of the report’s authors, tiny rural homes use more energy to heat and cool.

            Jane Kolodinsky, director of the University of Vermont’s Center for Rural Studies, says rural residents spend more on transportation because they travel farther. This increases the cost of shipping food, fuel, and other goods to rural consumers, she said (Ivanova, “Inflation Is Hurting Rural Americans More than City Folk — Here’s Why”).

            In addition to lower salaries, rural Americans spend a more significant part of their budget on day-to-day expenses, Kolodinsky says.”You need food, gasoline, and house fuel every week,” she remarked.

            According to Bhave (Ivanova, “Inflation Is Hurting Rural Americans More than City Folk — Here’s Why”), the demographic difference in inflation indicates that rising prices could represent a substantial danger to the economy’s sustained recovery. Bank of America recently revised its forecast for consumption growth to 2.5 percent, which he described as “not fantastic, but not catastrophic.”

            Additionally, these findings indicate that the significant sums of money saved during the epidemic do not benefit the poorest customers. According to Bhave, between stimulus payments, unemployment benefits, and forced savings during economic lockdowns, Americans have a $1.2 trillion to $1.4 trillion bank account surplus. However, these funds are disproportionately concentrated among the wealthy. “That is a sizable sum sitting in bank accounts awaiting expenditure,” he explained. “The issue is that, based on our analysis, it appears to be in the incorrect accounts (Ivanova, “Inflation Is Hurting Rural Americans More than City Folk — Here’s Why”).

            In my own opinion, if the money in accounts can be allocated in proper budgets, it can solve inflation in the rural areas. Nevertheless, despite all the rise in commodities prices, the country can still grow as one. The rural area can be as much as developed as urban cities.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Works cited

—. “Inflation Is Hurting Rural Americans More than City Folk — Here’s Why.” Www.cbsnews.com, 2 Dec. 2021, www.cbsnews.com/news/inflation-rural-households-non-college-grads-hardest/. Accessed 26 Jan. 2022.

Bloomberg, Bloomberg. “Fed Has Misinterpreted Inflation, Lacker Says.” Www.youtube.com, 26 Jan. 2022, www.youtube.com/watch?v=VQaOS_SYbWA. Accessed 26 Jan. 2022.

Ivanova, Irina. “Americans Continue to Struggle with Inflation despite Economic Growth.” Www.youtube.com, 2 Dec. 2021, www.youtube.com/watch?v=aG3pDL5pacs&t=55s. Accessed 26 Jan. 2022.

 

 

 

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