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Data: Morning Consult/Axios Inequality Index; Chart: Axios Visuals

People with lower incomes are feeling financial vulnerability significantly more than their higher-paid counterparts, according to the Morning Consult/Axios Inequality Index.

What's happening: Financial vulnerability relates to the share of Americans who cannot cover basic expenses for a single month with their savings. This is also represented as standard deviations.

What we're hearing: "When it comes to financial vulnerability, the high level of inequality is a feature of the data," Morning Consult chief economist John Leer says.

  • "It is inherently a much bigger issue for lower-income people than higher-income people, since higher-income people do not generally struggle to pay their bills. So, the differences among income groups has remained larger over time."

Yes, but: The index measures whether individuals can pay their bills rather than if they have a set amount of money set aside. That makes it a more accurate proxy for inequality, as higher-income earners tend to also have higher bills.

Watch this space: Rising financial vulnerability and increasing inequality put the economy and policymakers in a "precarious position," Leer says.

  • "What this data show is there are groups of people that are not experiencing the rebound in economic activity the same way."

Go deeper

Dion Rabouin, author of Markets
May 25, 2021 - Economy & Business

Chicago Fed index shows U.S. economy struggling to lift off after March rebound

Data: Investing.com; Chart: Dion Rabouin/Axios Visuals

The Chicago Fed's National Activity Index showed the U.S. economy was growing above trend in April but had slowed significantly from March's big rebound, suggesting the economy is having a difficult time gaining traction for a sustained rebound.

By the numbers: April's 0.24 reading was down significantly from the 1.7 reading in March, which followed the first negative reading in almost a year for the index.

Biden details new vaccination initiatives as COVID cases surge

Joe Biden. Photo: Anna Moneymaker/Getty Images

President Biden detailed several new initiatives on Thursday to get more Americans vaccinated and slow the spread of the Delta variant.

Why it matters: The plan outlines aggressive next steps from the federal government as COVID-19 cases surge across the country due to the contagious Delta variant and as demand for vaccines has tapered off.

Senate passes $2.1 billion Capitol security funding bill

U.S. Capitol police officers testify during a House select committee hearing on the Jan. 6 Capitol riot on July 27, 2021. Photo: Andrew Caballero-Reynolds/Pool via Xinhua

The Senate passed a $2.1 billion Capitol security funding bill Thursday by a 98-0 vote.

Why it matters: The legislation provides funding for the Capitol Police, the National Guard and other agencies to cover the costs incurred during the Jan. 6 Capitol riot.