Ah yes, the Great Recession. Economists told us it was over in 2009 but today they’re showing us how it’s changed our financial landscape. What’s new today?
- Our incomes most of our incomes are even higher than they were before the recession. Thing is, the richest among us had the biggest income increases – in fact they account for more than 80 percent of all gains. The highest income earners made $8300 more a year. The he second highest earners now have $1,800 more each year. The third highest? Just $69 more a year. It gets worse because those earning the least amount of money actually earn less – $275 less, to be clear – than they did before the recession.
- We all spend more money now. On what? Well, the richest among us spend more now on health care, new cars, and education, thanks largely to college tuition. This group spends much less these days on housing.
- The poorest among us today spend more money on cash contributions but have drastically cut spending on apparel.
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