Thrifty Poor People Not Helping American Economy

“The rich are benefiting from soaring stock markets, cheap money and rapid growth overseas. The rest of America is still weighed down by unemployment, poor credit, falling real-estate values and slow domestic growth. Economists call this a plutonomy, or an economy dominated by the rich. ‘The heavy lifting is being done by the upper-income households,’ Michael Feroli, chief U.S. economist at J.P. Morgan Chase & Co. told Bloomberg.”