
"WITH markets swinging widely, the Federal Reserve slashing interest rates and the word “recession” on everybody’s lips, renewed attention is being given to the gap between the haves and have-nots in America. Most of this debate, however, is focused on the wrong measurement of financial well-being.
"[...]Looking at a far more direct measure of American families’ economic status — household consumption — indicates that the gap between rich and poor is far less than most assume, and that the abstract, income-based way in which we measure the so-called poverty rate no longer applies to our society."
The top fifth of American households earned an average of $149,963 a year in 2006. The bottom fifth earned just $9,974, but spent nearly twice that — an average of $18,153 a year.
[You Are What You Spend]
title: WHY? lyrics
1 comment:
hey that's a feltron graphic! (see here too)
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