米国株ファンダメンタルズ分析家@まもる🇺🇸@Kelly Turner

⚠️The US economy is becoming increasingly K-shaped: The top 20% of earners, those making over $175,000 a year, now make up nearly 60% of total US personal spending, in data going back to 1989, according to Moody's Analytics. In effect, the bottom 80% of earners represent just ~41% of total spending, the lowest share in at least 35 YEARS. Most of the divergence occurred during two distinct periods: 1), the late 1990s dot-com boom and 2) the post-pandemic market rally. Both periods were characterized by surging stock prices that disproportionately lifted the wealth of higher-income households. As a reminder, consumer spending makes up ~68% of US GDP, meaning the wealthiest 20% of Americans now effectively drive more than 40% of the entire economy. This creates a fragile dependence on stock market performance to sustain growth. An economy fueled by a small group of wealthy households is one market correction away from stalling.