Plutonomy – The US Economy

Do you think the U.S. economy is a plutonomy — an economy powered by the wealthy? Ajay Kapur, global strategist at Citigroup, says so. Whilst the average consumer devotes 7.8 percent of their total expenditure to energy-related products, high-earners devote just 6 percent. “They account for the bulk of consumption and are relatively unscathed by high oil prices,” Kapur says.

More on MSNBC.