Inflation pushes black, Latino and Native American consumers into financial crisis | New

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More than half of black, Native American and Latino households are facing a financial crisis as they grapple with inflation rates that are at their highest level in 40 years. This, according to a new survey of NPRthe Robert Wood Johnson Foundation and the Harvard TH Chan School of Public Health.

As high gas prices and steadily rising grocery prices stretch Americans’ wallets, the poll shows blacks, Indigenous peoples and Latinos are struggling the most amid high inflation.

Some 58% of African Americans, 69% of Native Americans and 56% of Latinos say rising costs have left them in serious financial trouble. Conversely, only 44% of white households and 36% of Asians report facing serious financial difficulties.

The poll also found that inflation is exacerbating current financial stresses, including high health care costs and a lack of affordable housing, issues that most often disproportionately affect minority groups.

Of those surveyed, 24% of Black households, 18% of Latino households, 35% of Native American households, 18% of White households, and 10% of Asian households report delaying seeking health care for serious illnesses in the past the last year. .

About two-thirds of all Blacks, Native Americans, Whites, Asians and Latinos also say affordable housing is a significant issue in their neighborhood.

New report shows how black households never recovered from the Great Recession

The news comes as the United States has seen two consecutive quarters of declining gross domestic product, which is the definition of a technical recession.

Fifty-eight percent of black adults who responded to the survey say they don’t have a month’s worth of expenses saved in an emergency account. For Native American respondents, 58% of them answered the same way: they cannot cover a month of usual expenses with their savings. A slightly lower but still more than half of Latino respondents, 53%, answered the same. Only 20% of Asians and 38% of Whites cannot cover a typical month’s expenses with their savings on hand. Financial advisors often suggest that individuals save at least three months of living expenses.

On Sunday, the Senate passed the Cut Inflation Act, an ambitious plan to fight climate change, reduce prescription drug prices through Medicare, reduce the US deficit and generate new revenue through tax revisions .

President Joe Biden on Sunday greet the passage of landmark legislation that saw the Vice President Kamala Harris vote for the tiebreaker. The president said the legislation “tackles inflation by reducing the deficit and reducing costs for ordinary families.”

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