Today the economy/business section of the Washington
Post has a news story that, in parts, reads as if it could have been
written by Art Laffer:
In this new era of frugality, well-to-do shoppers have gone
into hiding and stowed away their splashy logos. But they may
hold the key to a consumer recovery.
Affluent shoppers are the most important segment of consumer
spending, which in turn drives the national economy. The top 20
percent of the nation's households -- with income of at least
$150,000 -- account for 40 percent of all spending, according
to government data. That makes them a crucial spoke to any
turnaround.
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