It’s official: the richest 10% of Americans, those making over $250,000 a year, are now responsible for half of all consumer spending in the U.S. Meanwhile, the bottom 60%, the so-called middle class, only account for 20%. The wealth gap isn’t just widening—it’s practically a chasm. When the wealthy few hold the reins, what happens to the rest of us? The days when the middle class was the backbone of the economy seem like a distant memory.
With the top 10% pulling the strings, there’s a chilling question: how long until they simply disregard the rest of us? It’s an undeniable truth that 70% of the economy is driven by consumer spending, but if the majority of that spending is being done by the top earners, it raises a troubling point: why bother with the middle class?
Back in the day, the middle class was the driving force. Now, this shrinking group of Americans is drowning in debt—college loans, credit cards, housing costs—and barely holding on. The younger generation, especially, is caught in a trap of financial burden, with little hope of ever escaping. The next great upheaval in America might be closer than we think, and the question is whether the 1% will continue to turn a blind eye to the suffering below them.
Pessimism about the economy is at an all-time high, with 60% of consumers predicting worse conditions a year from now. This is the worst reading in 45 years of the Conference Board’s data. When small businesses were freaking out over a $15 minimum wage, it felt like the economy was headed for a meltdown. Fast forward, and those same businesses are now paying $20 an hour just to keep the doors open.
Inflation is through the roof. Retail sales in restaurants and bars are plummeting. February saw the sharpest drop in sales growth, and it’s not looking like it’s going to turn around anytime soon. The reality is simple: the economy has gone over a cliff, and we’re all waiting for the next shoe to drop. The antiques market is already crashing, and who’s to say what’s next? Maybe classic cars and overpriced watches are next in line to take the fall.
The real question is whether this system can keep limping along or if it’s too far gone. The economy isn’t just struggling—it’s shifting drastically, and it’s the top 10% doing all the spending. This is a new world order, and the middle class? They’ve been relegated to the sidelines. We’re on the brink of a massive change, and it doesn’t look like the 1% cares.
Sources:
https://x.com/unusual_whales/status/1901603672863220187
https://x.com/Mayhem4Markets/status/1901620180062495186
https://x.com/StealthQE4/status/1901885659540787578