NYTIMES/AP:AND 35% OF THAT 70% IS SPENT BY THE TOP 5%.
A monthly consumer survey shows that Americans' confidence in the economy eroded further in July amid job worries.
The reading raises concern about the economic recovery and the back-to-school shopping season.
The Conference Board, a private research group, says its Consumer Confidence Index slipped to 50.4 in July, down from the revised 54.3 in June.
The decline follows a drop of nearly 10 points in June.
Economists surveyed by Thomson Reuters expected 51.0. T
he two straight monthly declines follow three months of increases.
Economists watch the number closely because consumer spending accounts for about 70 percent of U.S. economic activity and is critical to a strong recovery.
A reading above 90 indicates an economy on solid footing.
IOW: 25% - THAT'S ONE-QUARTER - OF THE TOTAL ECONOMY IS THE TOP 5% SPENDING MONEY AND CONSUMING.
- THE TOP 5% SPEND MUCH MORE THAN OTHER FOLKS;
- THEY DON'T JUST STAY HOME AND LISTEN TO THE JINGLES THE COINS MAKE OR SMELL THE INK ON THEIR PAPER-MONEY:
- THEY SPEND IT AND INVEST IT.
- IF WE TAX THEM THEY WON'T SPEND AS MUCH OR INVEST AS MUCH.
- AND WE WILL GET ANOTHER RECESSION.