Last year, the RAND corporation, a nonpartisan think tank, released an eye-popping study that found that the wealthiest Americans have taken some $50 trillion from the paychecks of the bottom 90% of American workers over the past four decades.
The 9.9% on their own can't summon the kind of consumer spending that it takes to spur economic growth. Without an inclusive, achievable middle class to power America's consumer demand-driven economy, the nation will enter a negative feedback loop of lost jobs, closed businesses, and sluggish spending.
www.businessinsider.com
The 9.9% on their own can't summon the kind of consumer spending that it takes to spur economic growth. Without an inclusive, achievable middle class to power America's consumer demand-driven economy, the nation will enter a negative feedback loop of lost jobs, closed businesses, and sluggish spending.
The American middle class used to signify economic security. That's now quickly becoming a luxury only the wealthiest can afford.
The 9.9% of Americans just underneath the ultrawealthy are now the only other class that feels financially stable. This spells trouble for our economy.
www.businessinsider.com
