We really do need wealthy people, after all. Wealthy Reduce Buying in a Blow to the Recovery:
The economic recovery has been helped in large part by the spending of the most affluent. Now, even the rich appear to be tightening their belts.
Late last year, the highest-income households started spending more confidently, while other consumers held back. But their confidence has since ebbed, according to retail sales reports and some economic analysis….
But the Top 5 percent in income earners — those households earning $210,000 or more — account for about one-third of consumer outlays, including spending on goods and services, interest payments on consumer debt and cash gifts, according to an analysis of Federal Reserve data by Moody’s Analytics.
How interesting. The Top 5% are the key to economic recovery.
But didn’t Obama campaign against the Top 5%?
Who loves ya now, baby.