NationRight

A new article from the Associated Press…

http://news.yahoo.com/s/ap/20080803/ap_on_re_us/wealthy_spending

…discusses an amazing fact!  When rich people quit spending money, it affects everyone else!  This is ground-breaking isn’t it?  The writer throws out some amazing facts, like…

The 10 percent of households with the highest incomes account for nearly a quarter of all spending, according to data compiled by research firm Moody’s Economy.com from a 2006 federal survey.

So, it seems that since these rich folks have quit spending money, it is causing firms that make the things that rich people like to buy to struggle.  And, as they struggle, these firms are laying off some of the people that work there.  I wonder if you could make the same argument in reverse: when rich people spend money on things they like to buy (maybe due to lower taxes?), it creates business for others, who then hire other people to work for them.  So, the wealth of the rich trickles-down to the middle-class and the poor.  I think we are on to something here… we can call it “trickle-down economics!”  Wait, that sounds familiar…