I have been wondering why consumption has kept up so well despite
stagnant or falling wages for the overwhelming majority of workers. (Of
course, rising debt ratios have helped.) An interesting insight comes from
the Chase Financial Digest:
"Overall, it's the higher-income families that make or break the
spending totals--two thirds of which originates with the one in three
families with annual incomes in excess of $50,000."
June Zaccone, 90 La Salle St., Apt.21A, NYC 10027; 864-4493
[EMAIL PROTECTED]
National Jobs for All Coalition, 475 Riverside Dr., Suite 832, NY, NY
10115-0050 212-870-3449; Fax 870-3341 [EMAIL PROTECTED]
