Economics

Years of elevated prices have strained all but the wealthiest consumers, and low- and middle-income Americans say something needs to change

For decades, the American consumer has powered not only the world’s biggest economy but the entire global economy. Increasingly, however, low- and even middle-income American consumers have felt the effects of inflation.

They are making tough decisions about discretionary spending, like a restaurant meal or an impulse toy purchase, and face even harder choices when it comes to expenses like vacations or cars.

As a result, low- and middle-income Americans now make up a smaller part of the overall U.S. economy than they have done in a very long time.