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Spending of the rich increases and poor decreases Original Source Link: (May no longer be active)    http://marketplace.publicradio.org/display/web/2007/09/14/luxury_retails_not_hurting http://marketplace.publicradio.org/display/web/2007/09/14/luxury_retails_not_hurting Luxury retail's not hurting While much of the retail economy is feeling the pinch of subprime, luxury spending seems only to be growing. But Steve Henn reports the high-end market could be skewing retail numbers across the board. ---------------------------------------------- TEXT OF STORY Doug Krizner: The crisis in the mortgage market has raised questions about the health of the consumer. This morning, we'll get a reality check: the monthly report on retail sales. As Marketplace's Steve Henn reports, the numbers could be skewed higher by the purchasing power of the rich. Steve Henn: There's one part of the retail economy that definitely hasn't been feeling the pinch. Kamalesh Rao follows luxury spending for MasterCard: Kamalesh Rao: It's been a year of actually very good growth. Rao says sales at high-end shops were growing at two or three times the rate of the rest of the economy. And analyst Dana Telsey says the luxury market isn't slowing down. Dana Talsey: We just got the results of both Bulgari and Richemont, which owns Cartier, Montblanc, many high-end brands. And there's been an acceleration even from the end of June through August so far. But Brookings Institution economist Gary Burtless says spending at the top masks what's going on for the rest of us. Gary Burtless: Our share of the total pie is getting smaller. After all, the net effect of a thousand people skimping on school supplies can be obscured by one fat cat dropping a hundred grand on a watch. In Washington, I'm Steve Henn for Marketplace.

Affluent avoid scrutiny taxes American middle class are in danger { September 25 2007 } Billioniare says he pays less taxes than his secretary { June 28 2007 } Buffett bush tax plan unfair { May 5 2003 } Bush tax cut gives half million year to wealthy { April 5 2006 } Bush tax cuts benefited millionaires most Bush tax cuts raised taxes for middle class { April 9 2007 } Bush tax cuts shifted more burden to middle class Business favors gop 02 { November 27 2002 } Caribbean largest individual tax evasion in US history { April 18 2005 } Ceos getting millions dividends tax cut CEOs who outsource are paid better Clinton brags about qualifying for republican tax cuts Contracts awards post war iraq Cuts favor wealhty Death tax not big problem for farmers { July 10 2005 } Documentary shows growing wealth gap { February 21 2008 } Documented top 20 richest for 2005 Economy benefiting upper class { July 10 2006 } Election money { November 1 2002 } Exxonmobile ceo gets big bonus as profits soar Fannie mae manipulated earnings for ceo bonuses { October 15 2004 } Goldman sachs pays ceo record 40m Gop taxcuts favoring wealthy { May 3 2003 } Hard working americans stuck tax bill Huey long filibisters bills favoring rich Huffington paid little income tax { August 14 2003 } Income gap between rich and very rich increasing { November 27 2006 } Income gap steadily increased past 20 years { August 17 2004 } Instructive book forgives super elites { May 8 2008 } IRS audits may not catch wealthy cheats { September 2 2006 } Irs has become subsidy system for super wealthy americans { April 11 2004 } IRS jobs auditing wealthy americans cut { July 23 2006 } Irs toughens on wealthy tax cheats Lucky CEOs mistakenly competent get big payoff { June 12 2008 } Mega mansions built despite housing crisis { June 12 2008 } Reagan and bush pushed amt to middle class { March 4 2007 } Rep sanders taxes Richest 1perc earns 20 perc of all income { September 2007 } Richest are leaving even the rich far behind { June 5 2005 } Spending of the rich increases and poor decreases Super elites hideout remodels forest { May 18 2008 } Super rich { December 27 2002 } Tax breaks top one percent Tax burden shifts to the middle { August 13 2004 } Tax cheating continues says panel { October 20 2003 } Tax cut for rich { January 7 2003 } Tax cut helps cheney Tax cuts for the rich healthcare shaft for poor { May 24 2003 } Tax cuts for the wealthy dont stimulate jobs { July 7 2005 } Tax cuts to rich dont help economy { January 22 2008 } Tax law omits child credit { May 29 2003 } Thousands who earn over 200k avoid income tax Top earners pay no taxes { June 26 2003 } Top executives earnings increase 2005 { July 10 2006 } Tuition costs rise Wealthiest 20 percent get big breaks { August 17 2004 } Wealthy class is winning says buffett { March 7 2004 } World elites getting richer { August 26 2005 } Worlds poorest 50 percent own 1 percent wealth { December 5 2006 } Files Listed: 60

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