Comment by 3Mathematicians 3 days ago
Consumers in the top 10% of the income distribution accounted for 49.2% of total spending, per Bloomberg. If anything, in my opinion, this strengthens the k-shaped economic growth stat that the article mentions.
can also look at it as an opportunity to gather friends and start a small drywall company. Those are in demand, for example. The rich are building more buildings than ever. If you live in the bay area, you can very well see 300k / year if you keep yourself busy.
> What was the historical trend?
No, it is not normal for 10% of the coountry to power half the spending. Just think about that statistic for a second. Spending includes groceries, services, and other continual needs. A few private jets can't outspend millions of people buying food.
But here's your chart: https://preview.redd.it/2pcvmm0u3jpf1.png?width=798&auto=web...
>No, it is not normal for 10% of the coountry to power half the spending.
Yet, if you look at your chart, it was 40% in 1989s and have been slowly edging up. While 40% is a smaller number than 50%, you can make the same argument about 40% not being "normal", yet society has been chugging along just fine.
Yup, only the rich are powering this economy now. That bodes poorly for the country’s stability long term.