Wednesday, September 9, 2009

A New Gilded Age

Today's Washington Post reports:

"Affluent shoppers are the most important segment of consumer spending, which in turn drives the national economy. The top 20 percent of the nation's households -- with income of at least $150,000 -- account for 40 percent of all spending, according to government data. That makes them a crucial spoke to any turnaround."

The fact that 20% of the population is responsible for 40% of ALL spending should raise alarm bells. We have indeed entered a new Gilded Age where workers must labor 800 years at minimum wage to match the annual income of American executives.

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