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Illustration: Sarah Grillo/Axios

Howard Schultz sounded stumped today when asked the price of a staple that wasn’t coffee — a reminder of the campaign-trail hazards for billionaires trying to project a common touch.

What happened: Mika Brzezinski asked Schultz on MSNBC's "Morning Joe": “How much does an 18 ounce box of Cheerios cost?" Schultz responded: "An 18 ounce box of Cheerios? I don’t eat Cheerios." Spoiler: They're about 4 bucks at Walmart.

Flashbacks:

The big picture: Billionaires may be unlikely to know what a grocery item costs, and their actions as president would have limited effects on prices.But they should know the broader trends in the costs that most Americans face.

  1. Health care: How much has the average health insurance deductible for a family of four changed over the past 5 years? How about copays?
  2. Education: What's the average price of tuition at a public 4-year university? How much has this outpaced inflation over the past few decades?
  3. Kids: What's the average cost of child care in your home state? Is this a greater share of take-home income than it was 10 years ago? 20?
  4. The youths: What percentage of 25-year-olds have more than $50,000 in student debt? What percentage of 25-year-olds have purchased a home? How do these compare to 10 years ago?
  5. Housing: How much of the average American's monthly paycheck goes to rent or a mortgage?
  6. Rainy day funds: How many months of living expenses does the average American have in liquid savings?

Why it matters: “[T]he next president will have to demonstrate not only that he or she understands the day-to-day struggles that people are facing, but they also have to lay out a clear plan to address those problems," Center for American Progress SVP Daniella Gibbs Léger told Axios.Go deeper: Livid liberals try to bully Schultz out of 2020

Go deeper

3 hours ago - Health

FDA authorizes mix-and-match for COVID booster shots

Photo: Francine Orr/Los Angeles Times via Getty Images

The Food and Drugs Administration (FDA) on Wednesday gave its approval for Americans to get booster shots that are different from the COVID vaccine they initially received.

Why it matters: The recommendation from the FDA, which also authorized booster shots for people who received Moderna and Johnson & Johnson vaccines on Wednesday, paves the way for an expansion of booster shots.

GOP congressman forfeits committee seats after indictment

Rep. Jeff Fortenberry. Photo: Al Drago/Bloomberg via Getty Images

Rep. Jeff Fortenberry (R-Neb.) on Wednesday stepped down from his committee assignments after being indicted for lying to federal investigators amid a probe into illegal campaign donations.

What they're saying: In a letter to House Speaker Nancy Pelosi, Fortenberry said he is "grateful for the outpouring of support from my friends and colleagues as we work against the injustice confronting me."

Rahm Emanuel questioned on murder of Laquan McDonald in confirmation hearing

Rahm Emanuel during a Senate Foreign Relations Committee confirmation hearing on Oct. 20. Photo: Sarah Silbiger/Bloomberg via Getty Images

Former Chicago Mayor Rahm Emanuel spoke about the murder of Laquan McDonald during his Senate confirmation hearing Wednesday to become the U.S. ambassador to Japan, saying that "there's not a day or a week that has gone by in the last seven years I haven't thought about this."

Catch up quick: McDonald was a Black teenager who was fatally shot 16 times by Chicago police during Emanuel's tenure as the city's mayor. The 2014 shooting triggered massive protests, both because of its nature and the fact that the officers' body-cam footage was concealed for years.