WILD WEALTH

While lower-income Americans struggle, the economy continues to perform well. Why? The top 10% of earners, households making above $250,000/year, are doing remarkably well. They now account for 49.7% of all spending, up from 36% in 1995, and nearly 33% of GDP. From 9/20-9/24, their spending rose 58%, spending by the bottom 80% rose 25%, barely outpacing inflation. We’re becoming increasingly reliant on the wealthy, and thus fickle asset prices.