Trickle-Down Economics Just Bought Another Yacht
The poor stay poor, the rich get rich
America is generating wealth at a staggering pace. Households have added trillions in equity wealth, private clients are heavily invested, and ultra-high-net-worth populations keep growing. Yet beneath the surface, consumer confidence looks more recessionary than euphoric. This may be the purest example yet of a K-shaped economy: financial asset owners are experiencing one of the greatest wealth booms in modern history while large parts of the population still feel stuck in recession mode.