Real income, meanwhile, stagnated. It was lower in 2012 than it had been forty years earlier. That ever-increasing gap between income and consumption has been filled by borrowing. Before and after the crash, the fortunes of the most fortunate sped upward. Between 1983 and 2010, for example, the richest 20% increased in wealth by 100%. But their proportion of debt to wealth fell. The bottom 40%, meanwhile, lost 270% in wealth.
Posted on: Tue, 17 Jun 2014 14:39:01 +0000
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