Submitted by Charles Hugh Smith from Of Two Minds
The Key to Understanding “Recession” and “Recovery”: The Wealth Pyramid
The top 20% are prospering and spending money; the bottom 80% are not, but thanks to vast wealth disparity, the top slice of households can keep consumer spending aloft. This provides an illusion of “recovery” that masks the insecurity and decline of the bottom 80%.
There is statistical and anecdotal evidence supporting both a “we never left recession” and “the economy is recovering” interpretation. The key to making sense of the conflicting data is to understand that there are Two Americas. Read the rest of The Key to Understanding “Recession” and “Recovery”: The Wealth Pyramid »
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Minh Pham.