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The Friction Tax

I. The "Winter Coat" Metaphor

  • The Hook: Imagine trying to win a swim meet while wearing a heavy wool winter coat.

The Great Extraction: Why None of Us Are Getting Ahead and What to Do About It.

According to the Bureau of Labor Statistics, the bottom 40% of American households take home only 11% of the national income, driving 21% of all national consumer spending— and spending nearly double our share of the national wealth— while relying on compounding debt to bridge the gap.