Some say the USA is a
Plutonomy-an economy dependent on the spending and investing of the wealthy. In a
further sign, the top 5% of Americans by income now account for 37% of all consumer outlays (the bottom 80% by contrast share about the same). Consumer spending accounts for roughly two-thirds of U.S. gross domestic product. In a possibly worrisome sign, the wealthy are
cutting back on spending.
posted by stbalbach
on Aug 6, 2010 -
83 comments
What a
real depression looks like. Total collapse of the middle class, malnutrition, starving bands of marauders eating road-kill, it's every survivalists dream come true. Until last year, Argentines were part of the richest, best-educated and most cultured nation in Latin America. Not anymore.
posted by stbalbach
on Aug 6, 2002 -
47 comments
Wealth Spawns Corruption.
Socialist economies could be more at risk from corruption than
Liberal ones. Ironically, wealth condensation poses the greatest danger to economies that impose constraints on the accumulation of great wealth - broadly speaking,
Socialist economies.
Liberal economies that maintain free and unrestricted trade are less susceptible.
posted by stbalbach
on Jan 28, 2002 -
8 comments
