Rising cost of a global food market -
#1 Oct 9, 2007
Food price rises hurt most Americans today as much as they did in 1960, but today's top income earners earn so much more, while consuming the same amount of food. As a result of averaging their expenditures with the expenditures the rest of us make, food price rises appear to account for less of the average household budget. The article should consider the rest of in a separate statistic. The top 20 percent of income earner expenditures spend a much lower proportion of income on food because they spend much more on expensive second homes, travel, electronics, and other luxury items. The other 80 percent of income earners, according to the U.S. Statistical Abstract of 2007, earning below the $100,000 threshold, account for only 35 percent of expenditures in the nation. This expenditure statistic is cited widely in the press and should be cited in any article about price inflation, for comprehensive perspective.
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