U.S. Economy Being Powered by the Richest 10% of Americans - WSJ
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U.S. Economy Being Powered by the Richest 10% of Americans - WSJ
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WSJ: "The top 10% of earners in the U.S. now account for 49.7% of all spending, a record in data going back to 1989. Three decades ago, they accounted for about 36%."
It is surging stock and property markets that seem to drive their disproportionate... See more
Michael Pettisx.comthe top 10% of Americans own 90% of the stock market and make up half of all consumer activity. If the market does go down, say 15%, and the wealthy suddenly feel less wealthy and stop spending, they could trigger a downward economic spiral.
Investors Bet on AI — and Gold
According to Oxford Economics, a consultancy, consumer spending rises and falls by about 14 cents for every dollar change in financial wealth. These changes, in turn, depend more than ever on a few giant firms whose prospects will be shaped by AI.