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Wealth Gap Widens: Poor Cut Gas, Rich Spend More
Description
Lower-income individuals reduced gas usage by 7% in March following the Iran war spike, but spent 12% more at the pump due to high prices. Higher earners barely cut driving, increasing spending by 19%. This economic divide, where the wealthy prosper while the poor struggle, is evident in the data, with the poorest third spending double the national average on gas. Overall consumer spending edged up slightly, but prolonged high gas prices could cool economic growth.
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