Interesting read. It is staggering to hear that the top 5% are responsible for 38% of domestic consumption. Unemployment rates under the Obama administration peaked during 2009 at 10%. As of December, they were 6.7% (bls.gov). Perhaps this year the middle class could see some recovery? I'm not an economist, but I wonder if there is a correlation. Perhaps people may still be recovering from the previous crisis. This may be an end result.
It does not surprise me that luxury businesses are seeing success, whereas mid-level places are facing adversity. Affluent people are going to spend their money in affluent ways.
Interesting read. It is staggering to hear that the top 5% are responsible for 38% of domestic consumption. Unemployment rates under the Obama administration peaked during 2009 at 10%. As of December, they were 6.7% (bls.gov). Perhaps this year the middle class could see some recovery? I'm not an economist, but I wonder if there is a correlation. Perhaps people may still be recovering from the previous crisis. This may be an end result.
ReplyDeleteIt does not surprise me that luxury businesses are seeing success, whereas mid-level places are facing adversity. Affluent people are going to spend their money in affluent ways.
Thanks for sharing!