3 ms·
> In my experience, service sector working class people generally have no savings due to low wages and high cost of housing. Statistically, a lot of middle cla
by PragmaticPulp 4y ago
> In my experience, service sector working class people generally have no savings due to low wages and high cost of housing.
Statistically, a lot of middle class people save their wealth in their houses, which are bought via mortgages.
Inflation benefits those people significantly by raising the value of their house and making their 30-year fixed mortgages (in the US) easier to pay off. It's not so great for people in other countries with variable rate mortgages, though.
- harimau777 4y agoI agree that's the case for people who own homes. However, many (most?) lower class people do not own homes. Even the lower side of middle class can't afford homes in much of the country.