Axios
Spending among the rich is propping up the economy, per a report analyzing detailed credit card data out Wednesday from the Federal Reserve Bank of Boston.Why it matters: These big spenders are masking increasing fragility in the economy among low- and middle-income Americans, who are seeing rising debt levels and slower spending growth — a situation that doesn’t bode well for the economy overall…
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Spending climbs among the rich, as everyone else’s debt rises, study says
Emily Peck
02:21
Spending among the rich is propping up the economy, per a report analyzing detailed credit card data out Wednesday from the Federal Reserve Bank of Boston.Why it matters: These big spenders are masking increasing fragility in the economy among low- and middle-income Americans, who are seeing rising debt levels and slower spending growth — a situation
