Americans with six-figure incomes are in 'survival mode'
Americans with six-figure incomes are in 'survival mode'
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37 comments
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The top 10% of earners drive more than 49% of all consumer spending
This is insane, this is like apartheid South Africa, an upper class minority owns and gets and decides everything, while the rest are slaves to a system that only supports the upper class while oppressing the poor and working class, to maintain the status quo.
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Its even worse than that 10% number suggest. Widen the picture a bit more.
"And that gap is widening to a historic extent, Moody’s Analytics data shows. As of June 30, the top 20% of earners accounted for more than 63% of all spending, and the top 10% accounted for more than 49% — both the highest on record, according to data that goes back to 1989. In 2019, during the comparable period, those shares were 59.2% and 44.6%, respectively."
If the bottom 80% of earners stopped spending entirely, only
47%37% of spending would disappear.I learned this statistic last week and it explained something that had been bother me for a long time. Don't the mega-wealthy understand that if the bottom earners have no money they won't be able to buy anything the mega-wealthy are selling? This statistic tells the tale. They don't really need that bottom 80% of earners to spend. They aren't really customers anymore. The mega-wealthy will sell to each other as it looks like they are doing so much of already.
Edit:fixed typo
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Only 37%*
We're all so fucked if nothing changes. We're currently fucked but will be in the future too.
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Yep I fat fingered that. Thanks for the catch. Corrected.
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THIRTY-SEVEN??!?!
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In a row?
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I suppose this is the reason Republicans are no longer peddling freedom for the masses, but has switched to fascism.
Fascism is better to control the masses for a while longer, while the rich continue to bleed the country.
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It's time we hit the reset button
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37 comments