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The U.S. Economy Depends More Than Ever on Rich People
Rachel Ensign's WSJ report shows huge disparity in incomes and spending that has happened in the US even with the best efforts and intentions of the Biden administration in 2020-2024. US cumulative excess savings by income for the bottom 90% are a mere $291 billion compared to $1.2 trillion for the top 10%, 4 times as large. As a result about half of consumer spending comes from the top 10% in incomes says the WSJ. (Moody's Analytics).
It provides clues on why Biden and even less so Harris failed to convince Americans, the middle class, blue collar workers, and others that large social gaps, income disparities and wealth disparities gap were being bridged under Democrats. And makes it harder for Republicans and Democrats alike to address such huge gaps built up over time by outshoring jobs and manufacturing, the 2009 financial crisis from banks speculation, the pandemic and supply shock cost of living crisis.
As the $2.6 trillion in pandemic assistance from Biden faded people in the bottom 80% dipped into savings to pay for rising cost of living as supply chain bottlenecks and price gouging sent prices of groceries, housing, apartment rentals, cars up significantly. This has'nt happened to the top 10% or even the top 20% who continue to spend in the same way as before prices went up. Something like this is also happening in Europe and in China, India fueling and anti-incumbency mood, and dissatisfaction with governments.
The Net Worth of the top 20% has grown by 45% or $35 trillion since 2019 compared to $14 trillion for the bottom 80%. (Moody's Analytics)
Kamala Harris Agenda to Lower Costs for American Families
08/17/2024
A series of Actions from Kamala Harris to Cut Costs for American Families in Healthcare, Pharmaceuticals prices, Grocery prices, Housing and Rental prices. This is critical for families struggling from paycheck to paycheck.
Grouped Articles
Committee for a Responsible Federal Budget 08/17/2024
The White House 08/17/2024
Harris and Trump Offer a Clear Contrast on the Economy
NYTimes.com 08/17/2024
The White House 08/17/2024
The White House 08/17/2024
Remarks by Vice President Harris at a Campaign Event in Raleigh, NC | The White House
The White House 08/17/2024
Income and Wealth Gaps US 2025- Top 10 percent support 50 percent of consumer spending in 2024
02/24/2025
Top 20 percent in the US have $1.2 trillion in excess income savings and increased Net Worth to $35 trillion from 2019 to 2025. Bottom 80 percent have about $300 billion in excess income savings and increased Net Worth to $14 trillion in that period.
Grouped Articles
The U.S. Economy Depends More Than Ever on Rich People
WSJ 02/24/2025
Biden and labor unions, women, the middle class in Jan 2024- one year before America chooses its path to 2030
02/06/2024
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Biden Joins Autoworkers on Picket Line in Michigan
NYTimes.com 09/27/2023
Trump’s pitch for autoworker votes in car heartland is short on autoworkers
The Guardian 09/28/2023
How Abortion Lifted Democrats, and More Takeaways From Tuesday’s Elections
NYTimes.com 11/08/2023
Trump’s biggest Iowa gains are in evangelical areas, smallest wins in cities
Washington Post 01/16/2024
The U.S. Economy Depends More Than Ever on Rich People
WSJ 02/24/2025
Why cost of living is destroying the social compact in the US and Europe and upending governments in 2024-2025
02/24/2025
Used car prices are up 45% since 2019 putting used cars at average price $28000. It is not a discretionary cost, one needs a car to get to work in the US. There are cases of young people not able to pay soaring repair costs quitting work without transport. This is why there was so much discontent in 2024 after supply shocks and price gouging pushed up prices in 2024. Another factor evident in airline ticket pricing was demand and the excess income of the top 20 percent. In housing and apartment rentals supply shortages pushed up prices, demand and excess income of the top 20-30 percent pushed up prices beyond the reach of the rest, higher interest rates made it unaffordable to buy a home for most Americans.
Grouped Articles
Why There Is No Relief Ahead for High Used-Car Prices
WSJ 02/15/2025
The U.S. Economy Depends More Than Ever on Rich People
WSJ 02/24/2025
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