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Michael Kumhof

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This document is page 25 of a Standard & Poor's economic research report dated August 5, 2014, titled 'How Increasing Income Inequality Is Dampening U.S. Economic Growth.' The content consists of endnotes (citations 43-61) referencing various economic studies, reports from the IMF, CBO, and academic papers regarding inequality, minimum wage, and economic recovery. The document bears a 'HOUSE_OVERSIGHT_025787' Bates stamp, indicating it was part of a document production for the House Oversight Committee.

Research report / bibliography page
2025-11-19
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This document explores how income inequality negatively impacts U.S. economic growth by reducing aggregate demand, noting that lower-income households have a higher marginal propensity to consume but face borrowing constraints. It cites research indicating that overleveraging by low-income households contributed to the 2008 financial crisis and that the subsequent recovery has been slow due to significant wealth loss among the middle class compared to the top 10% of earners.

Economic research report page
2025-11-19
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