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They explain it in the second paragraph with examples. People are shifting which bucket they're in. So the spend in a given bucket mostly isn't changing, it's a
by Izkata 3y ago
They explain it in the second paragraph with examples. People are shifting which bucket they're in. So the spend in a given bucket mostly isn't changing, it's a different set of people in that bucket.
It's what people mean when they refer to the "vanishing middle class".
- lotsofpulp 3y agoIn that case, the spend in the top bucket must come down since no one is shifting into that bucket, therefore total spend still has to come down (if the premise was true).
- Izkata 3y ago> > > > So you have the incredibly wealthy people that have actually gained massively as they've been able to gamble on the market in the short term--they aren't changing any habits. Some are going up and some are going down, it's the middle that's vanishing.
- qbasic_forever 3y agoNo the very top bucket has not lost any money in the economic downtown, and actually they've gained significant wealth (because they can take aggressive and short risks on falling stock prices). See this: https://www.oxfam.org/en/press-releases/ten-richest-men-double-their-fortunes-pandemic-while-incomes-99-percent-humanity https://www.oxfam.org/en/press-releases/ten-richest-men-doub... The very top (folks like bezos, musk, etc.) never loses and never had to change their habits. If anything their spending has increased as their wealth increased and they made deals on property, toys, art etc. being sold at cheaper prices by less rich people dropping down a class.