You occasionally hear that the American economy is really six types of awesome because, though inequality is widening and wage growth has been weak, Americans buy a lot of stuff. And middle class and working class Americans are even more determinedly consumptive than their upper class brethren! Problem is, it just ain't true. Those with lower salaries does spend a great percentage of their incomes buying stuff, but they do not outspend the rich. According to The New York Times, consumer spending from low income households is down sharply since 2001. Not so for the high-income households. In 2005, the top 20 percent were responsible for 39 percent of all consumer expenditures -- the highest share since the government began keeping track in 1984.
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