Trouble for those “Tax the Rich!” folks:
For the first time in history, rich people are actually getting poorer, and luxury retailers are freaking out about it. …
“Because these same consumers are significantly invested in their high-end lifestyle with income committed to a wide-range of fixed expenses to maintain that lifestyle, it’s in discretionary spending where they are going to take their cuts. So that translates into less money to spend each month for clothes, shoes and handbags, jewelry and home decorative accessories. These folks have plenty of all that stuff already, so it is the easiest, most painless way to adjust one’s budget when there is less money coming in each month.”
via Business Insider.
Intelligent people already know that government budgets at the city, state, and federal level are so out of whack that even if we EAT THE RICH it’s still not going to make a dent in the deficits.
Our only hope out of this mess is economic growth… and a little inflation.
Ugh.