CONSUMPTION AND SPENDING

Between 1945 and 1973, most Americans got richer. Since then, however, living standards have gone on rising only among those who finish high school. This "education effect" has led to noticeable class divisions, despite the long economic boom of the 1990s. The top 20% had average household incomes of $137,500 by 2000, whereas the incomes of the poorest 20% averaged only $13,000 – and were lower in real terms than in 1980.

From "The Financial Times World Desk Reference" © Dorling Kindersley 2004