Wealthy Covering For The Poor People

by Christopher Paul on January 20, 2011

Irony alert!

The WSJ has a blog post from yesterday saying the rich and wealthy are doing “all the heavy lifting” for the economy.

The rich are benefiting from soaring stock markets, cheap money and rapid growth overseas. The rest of America is still weighed down by unemployment, poor credit, falling real-estate values and slow domestic growth.

Economists call this a plutonomy, or an economy dominated by the rich. “The heavy lifting is being done by the upper-income households,” Michael Feroli, chief U.S. economist at J.P. Morgan Chase & Co. told Bloomberg.

The WSJ continues:

Relying on such a tiny slice of consumers, who are themselves highly reliant on volatile stock markets and asset prices, is no recipe for long-term growth.

Also, the rich are just tired of the poor taking advantage of them.

Don’t quote me on that last one, though.

The Rich Doing ‘All the Heavy Lifting’ in the Economy – WSJ via The Awl

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