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The source data linked in the article are a bit fishy. On page 36, you see where (I assume) the author derived his consumption data, though the source is by hou
by vannevar 7y ago
The source data linked in the article are a bit fishy. On page 36, you see where (I assume) the author derived his consumption data, though the source is by household and somewhere along the line he converted it to per-capita. In that source table, organized by quintile, the consumption for the highest quintile is about twice that of the lowest. But in the same document, on page 35, the income by quintile shows the top 20% earning 10x the income of the lowest 20% (including government benefits). So the wealthiest 20% earn ten times as much, but spend only twice as much? Where does the rest of the money go? It seems highly unlikely that both tables are accurate.
- sieabahlpark 7y agoTo savings...?
- vannevar 7y agoThat would be a lot of savings. :-) The actual savings rate is less than 10% (https://www.statista.com/statistics/246268/personal-savings-rate-in-the-united-states-by-month/ https://www.statista.com/statistics/246268/personal-savings-...).