...

May 15, 2013

Increased Share Of Spending On Necessities Like Food And Energy Is Consistent With Falling Living Standards

"The trend corresponds with the steady increase in the share of income that Americans devote to food and energy. According to the Bureau of Economic Analysis data, in 2002 Americans spent about 17.8 percent of income on food and energy. In the first quarter of 2013 the share had risen by a factor of 20 percent to 21.3 percent of income. Increased share of spending on necessities like food and energy is consistent with falling living standards. In the poorest countries almost all of income is devoted to such things." - in Money Morning

Peter Schiff`s comments on the economy, stock markets, politics and gold. Schiff is the renowned writer of the bestseller Crash Proof: How to Profit from the Coming Economic Collapse.
eXTReMe Tracker