Monday, June 15, 2009

We Are So Much Poorer Now!

Excellent post by Rebecca Wilder of News N Economics Blog, "Wealth effect update: Q1 2009.
Household net worth, total assets minus liabilities, is falling at a 16.25% annual clip.
...

At any rate, it no wonder why households are reacting so vehemently to the liabilities side of the balance sheet right now: reducing consumption and increasing saving.
Rebecca noticed the negative effects of the of the rising minimum wage in March, "The rising unemployment rate can't be entirely cyclical," while others are just now writing about it.

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