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American ‘Golden Age’ Off To Rough Start As Consumer Confidence Plunges
Surprise! Confidence among US consumers fell off the map in February, as rampant policy uncertainty
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Maga going to suffer….
Commandment: thou shall worship no golden idols, but meme coins are OK.
Funny, mostly stable under Biden and dropping like a stone with the golden idol. New beginning?
Anyone know if the confidence survey data is broken out by income cohort?
Here are some excerpts from an article I am reading:
*”Top 10% of earners (>$250,000/yr) are 49.7% of consumer spending.”
“The highest earners increased their spending by 12% between September 2023 and September 2024, the latter being the most recent data available. Spending by working-class and middle-class consumers dropped.”
“Over the last four years, prices rose by 21%. The top 10% of households increased their spending by 58%. The bottom 80% spent 25% more than four years ago.”
“Median household real income has seen annual increases of something under 2%. The 25th percentile of the population has hovered over the last few years at losing from 5% to 10% of their incomes annually. The top 75% had been seeing rises between roughly 10% and 13%.”*