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Illustration: Sarah Grillo/Axios
Howard Schultz sounded stumped last week 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:
- 2007: Rudy Giuliani was asked the price of milk and bread. (His answers were not particularly close.) In 1992
- 1992: George H.W. Bush was asked the price of bread. "I'd say ... it would cost you about a buck a loaf." (He was right.)
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.
- Health care: How much has the average health insurance deductible for a family of four changed over the past 5 years? How about copays?
- 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?
- 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?
- 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?
- Housing: How much of the average American's monthly paycheck goes to rent or a mortgage?
- 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.