Last night on the show, we talked about Republicans working to make things better for corporations, which are already enjoying record profits. At the same time, we’ve got yet more government spending cuts on the way and a frightening slowdown in consumer spending. But one group of shoppers is still laying out the cash – the rich.
Even with the prices jacked up, luxury goods are flying off the shelves, the New York Times reports. Luxury spending was up 11.6 percent in July. “If a designer shoe goes up from $800 to $860, who notices?” asked one industry type.
If 14 million Americans are unemployed, who notices? And more importantly, who does something about it?