Reuters — Rising Taxes Are Hurting Low-Income Americans

* Payroll tax rise, pump prices crimp spending

* Wal-Mart, Burger King, Kraft already feeling the pinch

* CEOs warn two-speed economy not improving

Feb 19 (Reuters) - It's getting tougher again at the bottom of the food chain.

Rising taxes and soaring gasoline prices have combined to slash spending power at the lower end of the economy, according to executives from fast food chains, discount retailers and other companies that cater to budget-conscious consumers.

"Unfortunately, the loss of so many middle-class jobs in this country makes it tough," said Gary Rodkin, chief executive of consumer packaged foods company ConAgra Foods, in an interview on Tuesday.

"We've got a pretty good pulse on that 80 percent of the population that's still challenged and I would say there's not marked improvement yet," he added.

The good old 80-20 rule.

The Huffington Post
Fast Food Executives: Rising Taxes Are Hurting Low-Income Americans
Martinne Geller and Lucia Mutikani | Reuters