Aw! I hope teabaggers won’t worry too much about The Wealthy. They’ll find some way to ‘get by.’
For instance, a Survey of Affluence and Wealth in America (this is real) polled 1,458 families with a discretionary income of more than $100,000 — representing the wealthiest 10 percent in the United States who account for about 50 percent of all consumer spending. This year they are gonna spend, spend, spend!
Spending by rich Americans on luxury goods is set to grow by $26.6 billion in 2011, with the number of affluent families planning to spend more almost doubling in the past three years, a poll found on Friday.
As the United States gradually emerges from its worst economic crisis in decades, the American Express Publishing and Harrison Group survey forecast spending on luxury goods to increase nearly 8 percent to $359 billion this year compared to 2010. [source]
The wealthy will be buying SO many luxury items manufactured in other countries — because, of course, the wealthy don’t create manufacturing opportunities in America anymore. American labor is just so expensive and there’s really no tax incentives to do so, is there? This is all so exciting. I look forward to an America with only two classes of people. It will be so much simpler.