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This is part of a long-term trend that explains why household incomes in the middle of the distribution are lower than they were a quarter-century ago.
That's why household spending so easily surpassed personal income, prompting many to use their home equity and credit cards to live.
These factors push up the price level – and are one reason why household disposable incomes are falling – but they should not lead to permanently higher inflation.
Stagnant wages, the rising cost of education, divorce, layoffs -- all these and more help to explain why household wealth is shrinking.
The spread of noncompete agreements is one of many ways in which the workplace has been rigged against workers and why household incomes have stagnated in recent decades.
This is equivalent to taxing the owners of these inputs, mainly consumers, which is why household income and consumption have plummeted as a share of gross domestic product, they said.
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That's why households are paying down their credit card and store card bills".
Conflicting messages from the Bank may explain why households appear deaf to the warnings.
The patchiness of China's safety net is one reason why households save so much of their incomes.
That looks like the main reason why households are very reluctant to take on any more debt.
This is in part why households toward the bottom of the income distribution had record income gains last year that exceeded the gains by any other income group.
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Justyna Jupowicz-Kozak
CEO of Professional Science Editing for Scientists @ prosciediting.com