Plutonomy is NOT the Enemy We have to Worry About

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"Who cares how the rich spend their money?

Well, perhaps everyone should these days. Consumer spending accounts for roughly two-thirds of U.S. gross domestic product, or the value of all goods and services produced in the nation. And spending by the rich now accounts for the largest share of consumer outlays in at least 20 years.

According to new research from Moody’s Analytics, the top 5% of Americans by income account for 37% of all consumer outlays. Outlays include consumer spending, interest payments on installment debt and transfer payments.

By contrast, the bottom 80% by income account for 39.5% of all consumer outlays."

http://sanhati.com/tweet/2636/

It’s funny how you can twist things to fit your agenda, isn’t it? Numbers can be manipulated to prove the point you want to prove.

“Spending by the rich now accounts for the largest share of consumer outlays in at least 20 years” What exactly does this mean? For the first time in 20 years the rich have outspent the rest of us? Not likely. Does it mean it’s been this way for 20 years? I’ll bet longer than that. Is there a shock that the rich would have more expendable income?

Also notice that it doesn’t show you the percentage of what the middle class have to spend, but rather the bottom 80%. This includes the people living under bridges and the elderly who live in convalescent homes who long ago forfeited all their wealth..

My point is that the origins of these “facts” have a veiled axe to grind. The title of the article is “US is Becoming a Plutonomy” Plutonomy is defined as “Economic growth that is powered and consumed by the wealthiest upper class of society. Plutonomy refers to a society where the majority of the wealth is controlled by an ever-shrinking minority; as such, the economic growth of that society becomes dependent on the fortunes of that same wealthy minority.”

Clearly this is the counterattack to the ever growing sentiment that the US government is shifting into socialism. The funny thing is take the definition for Plutonomy and replace the word ‘power’ where they refer to money and you will have a good definition for fascism.

Fascism is socialism controlled by the ever shrinking group that used to be checked and balanced by equally distributed power. Sound familiar?