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The Dallas Morning News published a story yesterday lifted from the Chicago Tribune entitled, "Rich hold tight to money" (Thursday, July 9, 2009, 13A).
As a result of the current economic crisis, "luxury spending" is down by 10% so far this year. Evidently, a proven indicator of our economy's resurgence can be found in the spending habits of our wealthy neighbors. According to the report, businesses selling luxury items shouldn't expect a "full recovery until 2012."
Here's an interesting fact: the richest 10% of us in this country account for 50% of all consumer spending. And, according to the Federal Reserve, consumer spending fuels 70% of the nation's GDP.
The report includes a brief analysis of the losses incurred by the mega-wealthy since the collapse of 2008. But then, it adds, "One school of thought is that the well-heeled shoppers are holding back because they are self-conscious about their wealth."
That's interesting, don't you think?
I know at CDM we continue to be grateful for our more affluent donors who continue to support our work. In a number of cases these donors have stepped forward to do even more than normal to help those who are hurting due to the faltering economy.
Other donors have disappeared.
Our mission and purpose leads us to work on poverty every day, regardless the state of the economy.
We don't talk much about wealth here.
The complexities of both poverty and wealth are clear to me.
One thing I know for certain, as different as rich and poor may be on the surface, we are all neighbors and our community will work best when we regard one another as such.
What are you ideas about wealth?
Published July 10, 2009 by Larry James |
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Charity
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Economy
Middle Class
Philanthropy
Poverty
Recession
Wealth
