The U.S. Economy Depends More Than Ever on Rich People.
How many of you realize that the top 10% account for almost 50% of all the spending? Yes Virginia, the poor and lower middle class the past four years have sat on the sidelines and cried the blues.
Hey I don’t blame them. This past administration did nothing to help stimulate the economy. If anything they were the ones who sunk the ship.
During the Biden pandemic, Americans across the spectrum saved at record levels. They spent less because they were stuck at home and received extra money from the government’s various stimulus measures. By early 2022, households socked away an extra $2.6 trillion.
Then inflation struck, and prices rose sharply. Most Americans turned to their extra savings to keep up with their rising bills. But the top 10% of earners kept most of what they had saved up.
Bottom line? Spend it like you stole it.
