Rural Americans Hit Harder by Inflation
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Rural Americans Hit Harder by Inflation
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Inflation is hurting all Americans, but those in rural areas are feeling the pain even more, new data shows.
From The Center Square. A report from Iowa State University shows that rural Americans are feeling the pain of inflation more than the rest of the country.
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“Rural households are more vulnerable to inflation,” the report said. “In 2020, rural household post‐tax incomes stood at $58,012. About 82% of rural incomes went towards expenses, leaving $10,661 in discretionary income for savings and unanticipated expenses. However, by 2022 expenses rose by 18.5% overall. Earnings were not able to keep pace with inflation, rising by only 6.1%. The net effect cut rural discretionary incomes by –49.1% between June 2020 and June 2022, reducing the cushion to only $5,426. Expenses now consume 91% of rural take‐home pay….”
At the same time, rural wages have taken a hit.
“Rural discretionary incomes dropped by –8.7% in 2021, but by 2022 rampant inflation cut this income cushion by –40.4%,” the report said. “By contrast, urban families actually saw discretionary incomes rise by 1% in 2021, but they fell by –13.9% the following year….”
The study points out that inflation can vary significantly in different regions of the country.
“The northeastern U.S. has slower price gains of only 7.6%,” the report said. “On the other side of the country, Pacific Coast states also have below average inflation at 8.3%….”
How are you praying for rural Americans struggling under inflation? Share your thoughts and prayers below.
(Excerpt from The Center Square. Photo Credit: John Reed on Unsplash)
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Lord as I have seen on YouTube homesteaders are now being plagued by contaminated soil-,that apparently as I understand it, was done inadvertently, – but everything is suspect now in these times. So Lord I pray that you would send your guardian angels to the supply system- the soil supplies-,and to those farmers and manufacturers that produce seeds for homesteaders and Farmers- Lord,..and that you would grant favor to homesteaders and farmers to be able to circumvent contaminated soil- and help them to be self-sustaining as the backbone of our country’s Heritage..to take care of ourselves and not to be dependent on corporations- Lord.. and I pray you would give a voice to the to the communities of farmers in standing against evil and you would give them great wisdom in how to use other soils ..and how to make the most of what you’ve given them and miraculously intervene in their efforts Lord just to till the land and to care for their animals.. as you are El-roi-, the God who sees us from heaven.
in the Name of Jesus, Amen
Lord, please continue Your wonderful works in this nation so that hearts and minds turn toward You. Glorify Yourself in all matters. Protect our farmers and ranchers. Be the provision for every family, rural or urban dwellers. May Your peace and mercy fall upon us all. Thank You, in Jesus’ Name. Amen.