Harriet Torry
speaker
611 appearances
11 recordings
1 series
first heard Sep 2017
last heard Dec 2024
Harriet Torry’s voice in public audio — every appearance, attributed to the second.
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Appearances
In fact, through most of 2017, the saving rate
fell and on a sort of a month by month basis.
And then in this report, we had the number for a whole and it was 3.74% in 2017.
That was down from nearly 6% a year earlier and over 7% in 2015.
And that's likely due to a number of factors, not least employment is very strong in the US and it has been for several years.
So more people have jobs, they're earning money, and they're going out and spending that money.
Well, that is what some economists are saying, definitely, that household leverage is not as stark as it was during the housing boom.
However, it is definitely a standout feature of this report that wealth is now nearly seven times Americans' income.
And that's an extremely high ratio.
And looking back at previous busts that we had, like the housing bust in the mid-2000s or mid to late 2000s, and then before that, there was the tech boom in the late 90s, which prompted a recession in the early 2000s.
Those were definitely, if you look at the chart, this ratio of wealth to income sort of spiked right before a big bubble burst.
So it's a scary sort of chart when you look at it, because now this ratio has surpassed, quite considerably now surpassed the levels that it was at the last two times the economy fell into recession.
So it's definitely something that a lot of people are keeping an eye on, that's for sure.
Yeah, that was actually from a report that came out at the end of last year.
But it is true that the Fed has a report called the Survey of Consumer Finances.
It produces it every three years.
And there's one thing that it found in the last report, which covered the year 2016, is
was that share of wealth held by the top 1% rose to nearly 40%, and that was up from 30% in 1989.
So that is definitely an indicator that income inequality is real in this country, for sure.
Thank you.
Showing 461–480 of 611 · page 24 of 31
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