Tag: Great Recession

Aggregate Effects of the Top 1%

Consumers drive 70% of GDP. Earners in the top 1% of income have received 93% of the income growth since the depths of the Great Recession (Bloomberg). A surprising fact about those high earners. They only consume 21% of their income (Tax Policy Center).

Jobs Growth

Finally, we’re getting some jobs growth again.  151,000 in October.   From the demographic data, we know that 60,000 are needed to absorb natural population growth. That leaves 90,000 to reduce unemployment. That’s 6 years to make up the 6 million lost in this Great Recession – at this rate.