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The story goes on to describe the disparity between sales of high-end designer jewelry, luxury cars and lakeside hotel suites (booming) and the kind of stuff that most of us buy at Wal-Mart or Target (stagnant). And it quotes an economist from J.P. Morgan Chase - another notoriously left-leaning, Bush-hating institution - in support of its "Two Americas" thesis:
"To date, the [recovery's] primary beneficiaries have been upper-income households," concludes Dean Maki, a J.P. Morgan Chase (and former Federal Reserve) economist who has studied the ways that changes in wealth affect spending. In research he sent to clients this month, Mr. Maki said, "Two of the main factors supporting spending over the past year, tax cuts and increases in [stock] wealth, have sharply benefited upper income households relative to others."
Clearly, what we have here is a rampant outbreak of liberal class warfare - a vicious smear (no doubt inspired by Michael Moore) aimed at convincing the American people the Bush-Cheney administration cares more about fattening the already-obese bank accounts of the ultra-wealthy than it does about reversing the downward trend in the purchasing power of the vast American middle class.
(Not to mention the poor. But, since the Democrats show no particular inclination to wage class warfare on their behalf, we'll leave them out of this. Suffice it to say that if the middle class is being squeezed, the poor are being turned into pressed lunch meat.)
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