Sedulous readers (all three of you) will remember how back in 2011 I remarked on Citbank's "consumer hourglass theory": companies should either sell high-end products or bottom basement. Because the middle-class consumer is gone.
Well, it took the New York Times only three years to catch on.
Check this out: "[A]bout 90 percent of the overall increase in inflation-adjusted consumption between 2009 and 2012 was generated by the top 20 percent of households in terms of income."
Bye-bye, American Dream!
By Nelson D. Schwartzfeb
February 2, 2014 | New York Times