PITIFUL PERCENTAGES

Prior to the S&L crisis/recession of 1980, the bottom 80% of the US population were responsible for almost 45% of consumer spending, and the top 10% for slightly over 40%. Today, the bottom 80% are down to just 37% of spending while the top 10% are at 50%. These reversals make the rising unemployment rate and weakening wage growth among the lower classes less macroeconomically impactful than in the past.