Board-Ansicht
Mix-Ansicht- Inflation für Arme, Deflation für Reiche - Kicker, 13.10.2006, 10:56
Inflation für Arme, Deflation für Reiche
-->neue UBS Studie zeigt wie die Einkommensunterschiede in den letzten 15 Jahren zugenommen haben
"Inflation has compounded inequality," says author Paul Donovan."Essential goods including food and energy, which have risen in price, account for a disproportionately high percentage of the spending of lower income groups. Conversely, manufactured goods, such as cars and electronics, which make up a large part of the spending of higher income groups, have fallen in price."
The trend is particularly pronounced in the US where, the report asserts, low income groups have arguably been experiencing a severe ‘recession' for all of this decade while the rest of society has seen strong economic growth.
"Financial analysis, based on aggregate data, suggests that real household disposable incomes in the US rose 7.3% between 1997 and 2004," Donovan explains."However, the real income growth for the lowest income consumers in the US fell more than 12.5% during that period.
Donovan believes the aggregate number can therefore be misleading.
"For the first time, there is evidence that for some economies - such as the US and Canada - the middle classes are being affected by the strains of this increasing income inequality," he says.
Donovan also warns economic averages are becoming less relevant to individual corporates or investors.
"It is no good buying a stock or a corporate bond on the supposition of 7.5% growth from consumers, if in fact the company sells to low income consumers who have less money to spend," he says.
The report concludes that if current trends persist, pressures on fiscal and monetary policies are also likely to grow.
Thread gesperrtgesamter Thread:
