False, consumption is roughly 70% of GDP. Without the little people constantly buying (yes, constantly, which is why month over month consumer confidence indexes are critical to econ analysis) the economy as a whole is prone to downturn.
This is part of the explanation for the massive expansion of credit and debtload in the absence of rising wages.[quote=“Elladan, post:23, topic:101750”]
actual rich people insulate themselves from it very well.
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They certainly like to think so. But unless they’re in the ‘own my own private island class’ they are subject to economic failure like the rest of us.
