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For those wondering why luxury spending is back even as unemployment hovers close to 10%, consider this: unemployment among the affluent is only 3%.
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The differing rates of underemployment–including those working part-time for economic reasons–are also notable. Underemployment for the top 10% was 1.6%, while the bottom was 21%.
.... the data raise questions about the theory behind what is informally known as “trickle down” economics, since full employment at the top doesn’t seem to be translating into more jobs below. Of course, the current environment may be the exception, with the global financial crisis making the preservation of capital far more important than chasing even modest returns on investment.
Why do you think there is such a vast difference in the unemployment rates?
For those wondering why luxury spending is back even as unemployment hovers close to 10%, consider this: unemployment among the affluent is only 3%.
***
The differing rates of underemployment–including those working part-time for economic reasons–are also notable. Underemployment for the top 10% was 1.6%, while the bottom was 21%.
.... the data raise questions about the theory behind what is informally known as “trickle down” economics, since full employment at the top doesn’t seem to be translating into more jobs below. Of course, the current environment may be the exception, with the global financial crisis making the preservation of capital far more important than chasing even modest returns on investment.
Why do you think there is such a vast difference in the unemployment rates?
Of course it didn't. Taxing the rich, as GregW pointed out, has nothing to do with addressing middle income unemployment rates, and has everything to do with punishing due to envy.
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