Mortgage, Groupon and card debt: how the bottom half bolsters U.S. economy


#TIA – It may be true that the economy’s bottom half sustains the top half, but that doesn’t mean it should be that way.

“By almost every measure, the U.S. economy is booming. But a look behind the headlines of roaring job growth and consumer spending reveals how the boom continues in large part by the poorer half of Americans fleecing their savings and piling up debt.

A Reuters analysis of U.S. household data shows that the bottom 60 percent of income-earners have accounted for most of the rise in spending over the past two years even as the their finances worsened – a break with a decades-old trend where the top 40 percent had primarily fueled consumption growth.”

Read more at Reuters