Yup, only the rich are powering this economy now. That bodes poorly for the country’s stability long term.

Top 10% is a household making more than $191k so a couple making $95k each.

Rich indeed!

Generally speaking, the rich is anyone who makes slightly more than you.

It's like the saying about alcoholics - "an alcoholic is anyone who drinks 1 more drink than you".

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.

Then if you're successful, you can sell it to a PE firm where it will further buoy the rich!

Can't see how this positive feedback loop gets us to a bad place at all!

>Consumers in the top 10% of the income distribution accounted for 49.2% of total spending, per Bloomberg.

What was the historical trend? Otherwise you can't draw much from just "49.2%" alone, aside from a vague sense that stuff should be fairer.

> 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.