Household net worth, total assets minus liabilities, is falling at a 16.25% annual clip.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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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.
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.
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