Economy Fitful … from the NYT
“The top fifth of American earners generates half of all consumer spending, noted Dean Maki, chief United States economist at Barclays Capital”
We do have to realize, as it is not mentioned in the article, that “spending” includes spending on education. I would guess that the higher income families tend to have more children who attend private schools … and when they attend school, they don’t get financial aid. This might add to the seemingly large spending rate of the higher classes. Of course, it’s likely that the top fifth of earners do spend greater amounts in absolute value, even if the spending rate as a percentage is roughly equal …
Americans start to pay as they go
Economy Fitful … from the NYT
“The top fifth of American earners generates half of all consumer spending, noted Dean Maki, chief United States economist at Barclays Capital”
We do have to realize, as it is not mentioned in the article, that “spending” includes spending on education. I would guess that the higher income families tend to have more children who attend private schools … and when they attend school, they don’t get financial aid. This might add to the seemingly large spending rate of the higher classes. Of course, it’s likely that the top fifth of earners do spend greater amounts in absolute value, even if the spending rate as a percentage is roughly equal …