How Income Disparity Will Affect the Whole Economy
From Profit Confidential
January 17, 2013 - 6:45am
The gap between the rich and the middle class and the poor is growing exponentially. While the rich continue to spend lavishly on their toys and material goods, the middle class and the poor are struggling to make ends meet. Despite America’s ability to create wealth, the income gap between the rich and the poor has been expanding, which ultimately impacts consumer spending. In my view, this is an issue that needs to be addressed.
This concept of income distribution in America and other industrialized countries is becoming a real problem, especially with the Great Recession that began in 2008. Lower income levels impact consumer spending and economic growth.
The real problem is the superlative rise in the poor and its impact on consumer spending.
According to The Working Poor Project’s report, the number of families taking on lower-paying jobs in the service industry increased in 201...Continue reading this article »