Patrick Artus

United States: What generates domestic demand, given the skewing of income distribution against employees?

In the United States, income distribution has been skewed over the last 20 years to the great detriment of employees. Small wage increases are expected to lead to a depression of household and domestic demand, but domestic demand in the United States has remained buoyant: why? At first sight we could think that domestic demand has been stimulated by: Employment and demographics ; that is the case; Corporate investment ; that is the case; Household borrowing and a falling savings rate ; this was the case until the 2008 crisis; Public demand ; this was the case until 2010.

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Patrick Artus

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Micaella Feldstein
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