The Plutonomy Is Still Going Strong – American Prospect

“The top 10 percent have been increasing their overall share of consumer spending for the past three decades, from a little over 35 percent in 1994 to 49.2 percent in the most recent quarter, a new record high according to Moody’s analyst Mark Zandi. Breaking out income earners by level of consumer spending, as Zandi did, shows that while the bottom 80 percent of earners spend at levels consistent with the Consumer Price Index, the top 20 percent spend at staggeringly higher levels. ‘The U.S. economy is being largely powered by the well-to-do,’ he concluded.”

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