Economic expansion fueled by cheap cc debt by bottom 50% Reuters finds

Discussion in 'Economics' started by Here4money, Jul 23, 2018.

  1. Here4money

    Here4money

    https://www.reuters.com/article/us-...ottom-half-bolsters-u-s-economy-idUSKBN1KD0EM

    PHILADELPHIA (Reuters) - By almost every measure, the U.S. economy is booming. But a look behind the headlines of roaring job growth and consumer spending reveals how the boom continues in large part by the poorer half of Americans fleecing their savings and piling up debt.

    A Reuters analysis of U.S. household data shows that the bottom 60 percent of income-earners have accounted for most of the rise in spending over the past two years even as the their finances worsened - a break with a decades-old trend where the top 40 percent had primarily fueled consumption growth.
     
    Last edited: Jul 23, 2018
    Gotcha likes this.
  2. Arnie

    Arnie

    Thanks for posting Ricter.
    Oh, almost forgot. You have me on ignore
    The lower income group obviously feels more confident in the economy thanks to the Trump expansion.
     
  3. dozu888

    dozu888

    does it even pass the smell test?