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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
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%.”*