Hi SteveO, I would not go as far as to count them out 8^) Still, upper income households (depending on what you consider to be "upper income") is a small portion of total households. For arguments sake, we will say $100K+ = upper income...
Here is a chart and stats from FY2000 which shows the breakdown of household income:
Household Income, 2000 (1999 Income)
Number % of Total Households
Total Households 105,539,122 100.00%
Less than $9,999 10,067,027 9.54%
$10,000 - $14,999 6,657,228 6.31%
$15,000 - $24,999 13,536,965 12.83%
$25,000 - $34,999 13,519,242 12.81%
$35,000 - $49,999 17,446,272 16.53%
$50,000 - $74,999 20,540,604 19.46%
$75,000 - $99,999 10,799,245 10.23%
$100,000 - $149,999 8,147,826 7.72%
$150,000 - $199,999 2,322,038 2.20%
$200,000 and above 2,502,675 2.37%
$100K+ = approx. 13M of 105M Households or 12.29% of US Total Household Income
Now I know what you might be saying; that this data is from 2000, how about the last 5 years? Well 2001 was a recession, 2002-2003 and 2003-2004 saw no change in real median household income (see link):
US Census Bureau Press Release - 8.30.2005
http://www.census.gov/Press-Release/www/releases/archives/income_wealth/005647.html
Therefore, the argument that I am making is that upper income households could not spend anywhere near the amount that the other 87.71% of US households do, which just so happens to be the middle to lower income classes.
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