U.S. Economy Hinges on Spending by the Rich, Moody's Finds
TL;DR Summary
A Moody's Analytics analysis of Fed, BEA and Census data shows 59% of U.S. consumer spending comes from the top 20% of earners, while the bottom 80% accounts for 41%—a near-record K-shaped divergence. With inflation and a weak job market weighing on most, high-end households and stock-market gains are sustaining spending and wealth, which is now at its highest since World War II. If the rich slow down or markets falter, lower-income workers would bear the brunt.
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