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Borrowing by U.S. consumers dropped in June for the fifth straight month as the unemployment rate rose,
getting loans remained difficult and households put off major purchases.
Consumer credit fell $10.3 billion, or 4.92 percent at an annual rate, to $2.5 trillion,
according to a Federal Reserve report released today in Washington.
Credit dropped by $5.38 billion in May, more than previously estimated.
The series of declines is the longest since 1991.
During eight years of the Bush Administration, the 400 richest Americans,
who now own more than the bottom 150 million Americans, increased their net worth by $700 billion.
In 2005, the top one percent claimed 22 percent of the national income,
while the top ten percent took half of the total income, the largest share since 1928
A jobless rate near the highest in 26 years,
stagnant wages and falling home values mean consumer spending…
will take time to recover even as the recession eases.
Incomes fell the most in four years in June as one-time transfer payments
from the Obama administration’s stimulus plan dried up, and unemployment is
forecast to exceed 10 percent next year before retreating.
Over 40 percent of GNP comes from Fortune 500 companies.
According to the World Institute for Development Economics Research,
the 500 largest conglomerates in the U.S. “control over two-thirds
of the business resources, employ two-thirds of the industrial workers,
account for 60 percent of the sales, and collect over 70 percent of the profits.”
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