But we seem to be headed toward a new feudal society in which the peasants will be limo drivers, waiters and bartenders.
The Middle Class Is Steadily Eroding. Just Ask the Business World.
By NELSON D. SCHWARTZFEB. 2, 2014
NY Times
The post-recession reality is that the customer base for businesses that appeal to the middle class is shrinking as the top tier pulls even further away.
In 2012, the top 5 percent of earners were responsible for 38 percent of domestic consumption, up from 28 percent in 1995, the researchers found.
Even more striking, the current recovery has been driven almost entirely by the upper crust, according to Mr. Fazzari and Mr. Cynamon. Since 2009, the year the recession ended, inflation-adjusted spending by this top echelon has risen 17 percent, compared with just 1 percent among the bottom 95 percent.
Here's a chart from the article:
Posts
No comments:
Post a Comment