Blame Rich People For The Crappy Economy -- They've Stopped Throwing Money Away

Savings Rate By Income

Photo: New York Times

The economic recovery has been helped in large part by the spending of the most affluent. Now, even the rich appear to be tightening their belts.Late last year, the highest-income households started spending more confidently, while other consumers held back. But their confidence has since ebbed, according to retail sales reports and some economic analysis.

“One of the reasons that the recovery has lost momentum is that high-end consumers have become more jittery and more cautious,” said Mark Zandi, chief economist for Moody’s Analytics.

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