The top 10% of earners were responsible for a record 49.2% of total U.S. consumer spending in the second quarter of this year, according to Moody’s Analytics.
But economists warn that relying on a tiny slice of Americans to drive consumer spending could put the U.S. on shaky footing. Consumer spending makes up the lion’s share of the nation’s total economic activity.
“Whether the economy goes into a recession in 2026 hinges almost entirely on the top 20%,” said Navy Federal Credit Union’s Long. “If they do well, the overall economy does well. If they don’t, then we’re looking at a recession.”
In the meantime, she said, everyone else could face growing pressure.
retail therapy is cheaper in the short-term than actual therapy though, and for a country where over half the population lives paycheck to paycheck short-term cheap is all most anyone can think about
muricans just need to stop retail therapy and the erosion of the bill of rights may crawl to a halt. economy is the one true religion.
retail therapy is cheaper in the short-term than actual therapy though, and for a country where over half the population lives paycheck to paycheck short-term cheap is all most anyone can think about